LIBRARY OF CONGRESS 



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UNITED STATES OF AMERICA. 



OFFICE OF 1 THE 

Atlantic Mutual 

INSURANCE COMPANY. 

New York, January 27th, 1862. 
The Trustees, in conformity to the Charter of the Company, submit the following 
statement of its affairs on the 31st of December, 1861 : 
Premiums received on Marine risks, from 1st January, 1861, to 31st De- 
cember, 1861 $3,840,286 24 

Prem urns on policies not marked off 1st January, 1860 1,471,290 29 

Total amount of marine premiums $5,314,506 83 

No policies have been issued upon life risks ; nor upon fire risks disconnected with 
marine risks. 
Premiums marked off from 1st January, 1861, to 31st December, 1861. .$4,155,166 78 

Losses paid during the same period $2,314,650 29 

Return- of premiums and expenses 702,476 35 

Tbe company have the following a-sets, viz : 
United States and State of New York Stock, City, Bank, and other 

Stocks $2,923,433 81 

Loans secured by Stocks and otherwise ; 800,540 00 

Re a Estate Bonds and mortgages ; 2^3,760 00 

Dividends on stocks, interest on bonds and mortgages, and other loans, 
sundry notes, re insurance and other claims due the company, estima- 
ted at 123,783 02 

Premium notes and bills receivable 1,618,859 02 

Cash in Bank 215 ,543 94 

Total Amount of Assets $5,99.>,689 79 

Six per cent, interest on the outstanding certificates of profits will be paid to the 
holders thereof, or their legal representatives, on and after Tuesday, the fourth day 
of Februaiy next. 

After reserving Two and a quarter Millions Dollars of profits, the outstanding cer- 
tificates of the issue of 1860, will be redeemed and paid to the holders thereof, or 
their le<ral representatives, on and after Tuesday, the fourth day of February next, 
from which aate all interest thereon will cease. The certificates to be produced at 
the time of payment and cancelled. 

A dividena of 30 per cent, is declared on the net earned premiums of the Com- 
pany, for the year ending 31st December, 1861, for which certificates will be issued 
on and after Tuesday, the eighth day of April next. 
The profits of the Company, ascertained from the first of July, 1842, to 

the 1st day of January, 1661, for which certificates were issued, amount 

to $11,690,210 

Additional profits from 1st January, 1861, to 1st January, 1862 1,250.000 

Total profits for 90^ years $12,940,210 

The certificates previous to'1860 have been redeemed by cash 8,889,470 

Net earnings remaining with the Compahy on 1st January, 1862 4,050,740 

By order of the Board, 

W. TOWNSEND JONES, Secretary. 
TRUSTEES. 
John D. Jones, Caleb Barstow, Denn-s Perkins, 

Charles DennIs, A. P. Pilot, . Joseph Gailliard, Jr., 

W. H. 11. Moore, Leroy M. Wiley, William Wood, 

Thomas Tileston, Daniel S. Miller, J. Henry Burgy, 

Henry Coit, S. T. Nicoli,, Cornelius Grinnell, 

Wm. P. Pickersgill, Joshua J. Henry, C A. Hand, 

Lewis Curtis, Geo. G. Hobson, Watts Sherman, 

Charles H. Russell, David Lane, Edward R. Bell, 

Lowell Holbrook, James Bryce, E. E. Morgan, 

Robert C. Goodhue, Wm. Sturgis, Jr., B. J. Howland, 

P. A. Hargous, Henry K. Bogert, Benj. Babcock, 

Meyer Gans, A. A. Low, Fletcher Westray, 

Royal Phelps, William E. Dodge, Robt B. Minturn, Jr. 

JOHN D.JONES, President. 

CHARLES DENN/S, Vice President. 

W. H. H. MOORE, 2d Vice President. 







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SUN MUTUAL INS. CO. 

Insurance Buildings, 49 Wall Street, ) 
New York, October 29th, 1861. j 

The following Statement of the Affairs of this Company is published in conformity 
with the requirements of the 10th section of the Act of its incorporation : 
Premiums on unexpired risks on the 4th of October, 1860 $ 402,771 82 

Premiums received during the year to 4th October, 1861 : 

On Marine risks $1,390,148 98 

On Inland 64.453 08 

On Fire 39,558 01 1,494,160 00 

Total amount of Premiums $1,896,931 89 

Amount of earned premiums during the year $1 ,4H3,263 64 

" of returned premiums 126,836 92 

Net earned rremiums $1,356,426 72 

Losses during the same period : 

On Marine risks, (loss savings, &c.) $1,076,907 81 

On Inland risks 14,416 30 

On Fire risks 3,242 64 

$1,094,566 75 
Expenses and re-insurances 94,897 03 1,189,463 78 

Net profits $ 166, i.62 94 

The Assets of the Company on the 4th October, 1861, were as follows, viz : 

Peal Estate, and bonds and mortgages $ 544,000 00 

Stocks, loans on Stocks, accrued interest on bonds and mortgages and 

loans, rents of real estate, salvage, &c 285,701 77 

Cash 1 13,739 24 

Bills receivable 706,801 26 

Premium accounts not yet collected 25,615 59 

fccrip of sur.dry Companies estimated 19,013 00 

$1,694,950 86 
The Board of Trustees have this day directed that a dividend of interest to 1st of 
November, 1861, be declared of six per cent, on the outstanding scrip of the Com- 
pany, payable on and after that day. 

Also a dividend of ten per cent, in scrip to the dealers with the Company, on their 
terminated premiums of the past year, be issued after the 1st January next, thereby 
leaving an amount of accumulated profits of One Million, One Hundred and Fifty 
Thousand Dollars. 

By order of the Board. 

EDWARD R. ANTHONY, Secretary. 



Moses H. Grinnell, 
boswell sprague, 
Oliver Slate, Jr., 
William H. Macy, 
Drake Mills, 
G. Winthrop Gray, 
Samuel L. Mitchell, 
Frederick G. Foster, 
Peter Poirier, 
Louis Lorut, 
John Whitehead. 
Wm. H. Newman, 
Henry A. Coit, 
Simon De Visser, 
Charles H. Marshall, 



TRUSTEES. 

Jacob R. Nevins, 
Joseph Gailliard, Jr., 
Alexander M. Lawrence, 
John A. Iselin, 
Edwin Bartlett. 
Elias Ponvert, 
George G. Hobson, 
U. A. Murdock, 
Percy R. Pyne, 
Samuel M. Fox, 
Jo-ieph V. Onativia, 
Ezra Nye, 
Edwabd S. Jaffray, 
William Oothout, 
Ernest Caylus, 
Joseph Foulke, Jr. 

M. H. GRINNELL, President. 

JOHN WHITEHEAD, Vice President, 

EDWARD R. ANTHONY, Secretary, 



OFFICE OF TIEUE 

ie mum mm, 

COLUMBIAN BUILDINGS, 

CORNER OF WALL AND NASSAU STREETS. 

*•*>♦♦*«•-. 

CASH CAPITAL paid in, - - - - - $500,000 
ASSETS, January 1st, 1862, - - - $918,453 59 

Policies issued on Vessels, Freight, and Cargoes, 

against Marine and Inland Navigation, 

and Transportation Risks. 

This Company gives to its Dealers, the privilege of receiving- 
m Cash, at the end of each year, upon all new Bisks under the 
New York form of policy, a return of Fifteen per cent, of all Pre- 
miums paid and earned during the year, in lieu of Scrip, at the op- 
tion of the Dealer, to be signified upon application for the insurance ; 
such privilege, however, being confined to persons and firms, the 
aggregate of whose premiums upon such policies earned and paid 
during the year shall amount to the sum of one Hundred Dollars. 

«» ♦ ♦» 

DIRECTORS : 

EDWARD RO WE, Of C. Dord & Co. 

W.J. DAVIDSON 

JOHN S. DICKERSON, " Dickerson, Whittemore & Reed. 

GEORGE MILN, 

THOS. A.C.COCHRANE, " Lee & Cochrane, 

THOS. BARRON 

WM. H. HALSEY, " Harbecks & Halsey* 

B. C. MORRIS, 

ROLAND G. MITCHELL " R. G. Mitchell & Co. 

EZRA NYE 

ALBERT G. LEE " Coffin, Bruce, Bishop & Co. 

ALBERT E. KENT, " A. E. Kent & Co., Chicago. 

THOS. S. DICKERSON, '. " Vandervoort, Dickerson & Co., Chicago. 

WM. B. OGDEN President N. Western R. R. Co., Chicago. 

D AN'L W. TELLER, Of Galway , Cassado & Teller. 

JOS. MORRISON 

WM. H. POPHAM, " Popham & Haxtun. 

DAVID OGDEN, 

B. C. MOHRIS. Jr., " Caldwell & Morris. 

THOMAS LORD, 

HENRY J. CAMMANN, " Wilson & Carnmann. 

MARCUS SPRING, 

LAWRENCE MYERS, " Lawrence Myers & Co. 

CHAS. A LORD 

ROBERT BOWNE " Bowne & Co. 

GEO. B. SATTEKLEE, " Satterlee & Co. 

JEWJTT M. RICHMOND, " J. M. Richmond & Co., Buffalo. 

MOSES MERICK " Oswego. 

JOHN D. BATES, Jr., » Bates & Co., Boston. 

WM. M. WHITNEY, Secretary. 

B. C. MORRIS, President. 
THOS. LORD, Vice-President. 



MARINE and FIRE INSURANCE. 



RANCB COMPANY. 

Underwriters' Building, No. 63 William St., cor. Cedar. 

-A.SSOIS, J~SLiCLijLSi,jry 29, 1862. 

Cash on hand, $141,139 65 

Bank and other stock, bonds, &c, 506,284 00 

Loans on stocks, &c, 342,955 00 

Bonds and Mortgages, interest on do., and other loans, salvages, re- 
insurance, Claims, &c, 143,929 58 

Real Estate, 70,000 00 

Premium, Notes and Bills Receivable, 363,137 70 

Total Assets, $1,567,445 93 

W^t- Policy holders receive annually in dividends all the net earnings. ^& 

F. S. LATHR0P, President. 

F33DICTAND STAGG, Secretary. JOHN S. TAPPEN, Vice-Pres. 

TRUSTEES : 

John Falconer, Horace B. Claflin, Paul Spofford, E. J. Anderson, 

S. D. Bab cock. Jas. A. Williamson, Andrew V. Stout, Sam. E. Sproulls, 

Jas. W. Elwell, Sumner R. Stone, John M. Storey, A. R. Frothingham 

J. Seligman, R. W. Thrundy, W. A. Keteltas, John P. Nesmith, 

Moses Taylor, L. H. Brigham, Jayme Riera, Peter V. King, 

H. L. Routh, H. H. Munsell. Wm. Bell, R. R. Graves, 

Sidney Green, J. B. Dickinson, Aug. B. Therriott, David B. Turner, 

Elias B. Brown, J. Nelson Tappan, 

KNICKERBOCKER 

OF NE W YORK. ^ 

OJEftoe, » ■ « ■ !N"o. 106 Broadveay. 

-A-SSETS" - - - - $290,733. 

Policies are now issued upon the lives of debtors, and for all business purposes* 

either for life or a term of years, on as favorable terms as by any 

other Company. 

Policies on lives are issued for any sum up to $10,000. 

DIRECTORS: 
Erastus Lyman, President. 
Charles Stanton, President of City Bank of Brooklyn, and Merchant, 

81 Front Street. 
Isaac Kip, Jr., Broker, 21 William Street. 
Alexander H. Holley, Ex-Governor of Connecticut. 
Theodore Polhemus, Jr., Merchant, 59 Broad Street, 
John Anderson, Tobacconist, 106 Broadway. 
George G. Barnard, Judge of Supreme Court, New York. 
Gilman W. Prichard, Merchant, 81 Front Street. 
Ed. K. Scranton, Merchant, Brooklyn. 
Solon F. Goodridge, Merchant, 32 Broad Street. 
Emmor K. Haight, 328 Broadway, firm of C. W. & J. T. Moore & Co. 
ERASTUS JLYMAN, President. 

ROBERT AYRES, General Agent. GEO. F. SNIFFEN, Secretary. 

Medical Examiner, H. WEEKS BROWN, M. D., who visits the office daily, between 12 and \y % 
fe o'clock. 4®=- Prospectuses can be obtained at the Office. 



ALBANY CITY 

FIRE INSURANCE COMPANY, 

Olistrtereci Ixx I860. 
Cash Capital ...... $1 0,000 

OFFICE IN UNION BANK, 446 BROADWAY 



DIRECTORS. 



WM. TILLINGHAST, 

D. I. BOYD, 
WM. N. STRONG, 

J. VAN GAASBEEK, 

ALFRED WILD, 

C. VAN BENTHUYSEN, 

T. VAN HEUSEN, 

G. C. DAVIDSON, 

WM. J. COOK, 

A. A. DUNLOP, 

WM. L. LEARNED, 

JAMES ROY, 

A. P. PALMER, 

E. CORNING, Jr. 



J. H. RICE, Secretary. 



BENJ. PAYN, 
C. VIBBARD. 
A. E. STIMSON, 
ALANSON A. SUMNER, 
A. BLEEKER BANKS. 
ROBERT L. JOHNSON, 
J. M. B. DAVIDSON, 
J. D. BADGLEY. 
GEO. B. STEELE, 
JAMES WILSON, 
JOHN F. RATHBONE, 
T. G. YOUNGLOVE, 
THOS. KEARNEY. 
JAMES C. KENNEDY, 
P. LEARNED. 

WM. TILLINGHAST, President, 



MERCANTILE MUTUAL 

No. 35 "WALL STREET. 

INCORPORATED, APRIL, 1842. 



Assets Over 



$1,200,000 



This Company continues to make Insurance against Marine and Inland 
Transportation Risks, upon Merchandise, Vessels and Freights, on the most 
favorable terms and conditions. 

For the accomodation of Shippers to European Torts, Policies are issued, 
making loss payable by Rathbone Brothers & Co., at Liverpool or London, if 
desired. 



JOSEPH WALKER, 
JAMES FREELAND, 
SAMUEL WILLETS, 
ROBERT L. TAYLOR, 
WM. T. FROST, 
WM. WATT. 
HENRY EYRE, 
BENJ. M. WHITLOCK, 
ELLWOOD WALTER, 
D. COLDEN MURRAY, 



E. HAYDOCK WHITE, 
M. L. McCREADY, 
DANIEL T. WILLETS, 
L. EDGERTON. 
AARON L. RE1D, 
COR. GRINNELL. 
E. E. MORGAN, 
HER. A. SCHLEICHER, 
WJLLIAM BOYD, 
JAS. D. FISH, 



GEO. W. HENNINGS. 
FRANCIS HATHAWAY 
JOHN S. WILLIAMS, 
JOHN McKESSON, 
WILLIAM NELSON. Jr. 
CHARLES DIMMON, 
A. WM. HEYE, 
ARNOLD DOLLINER. 
PAUL M. SPOFFORD. 
HENRY R. KUNHARDT 



C. J. Tespard, Secretary. 



ELLWCOD WALTER, Prssident. 
CHAS. NEWCOMB, Vice-President. 



ACIFIO 



Jtlittal SnsuramT §l 

OFFICE, 111 BROADWAY. 



Assets, January 1st, 1862, - 



$943,173 



THIS COMPANY CONTINUES TO INSURE AGAINST 

MARINE & INLAND NAVIGATION RISKS, 

ON CARGO AND FREIGHT. 

No TIME RISKS, or Risks upon HULLS of 
Vessels are taken. 

The Profits of the Company, ascertained from the 10th 
January, 1855, to the 1st January, 1861, for which 
Certificates were issued, amount to. $ 1 ,065,960 

Additional profits, from January 1st, 1861, to January 

1st, 1862, 101,850 

Total profits for 1 years 1,167,810 

The Certificates previous to 1859, have been redeemed 

ty Cash, 402,610 

Net Earnings remaining with Co. January 1st, 1862, $765,200 
The Dealers have had returned to them in Dividends, for the 
7 years, an average of over 27 per cent, per annum. 



a? 

ALFRED EDWARDS, 

A. C RICHARDS, 
SHEPPARD GANDY, 
W. M. RICHARDS, 

G-. D. H. GILLESPIE, 
C. E. MILNOR, 
MARTIN BATES, Jb. 
FREDERICK B. BETTS, 
MOSES A. HOPPOCK, 
SANFORD COBB, Jr. 
W. H. MELLEN, 
WILLLIAM LECONEY, 

B. W. BULL, 

C. HADDEN, 

L. P. MORTON, 
F. W. MEYER, 



RUSTEES. 



JOHN B. ARTHUR, 
J. K. MEYERS, 
A. WESSON, 
WILLIAM KENT, 
DAVID P. MORGAN, 
BYRON SHERMAN, 
JEHIAL READ, 
JOHN A. BARTOW, 
A. S. BARNES, 
J. E. HANFORD, 
ALEX. M. EARLE, 
H. L. ATHERTON, 
JOHN A. HADDEN, 
GEO. C. WETMORE. 
P. H. VANDERVOORT, 
JOSIAH M. FISKE. 



BENJ. A. ONDERDONK, Secy. 



ALFRED EDWARDS, Prest. 
WM. LECONEY, Vice-Prest. 



Fire, Marine & Inland Insurance. 

THE DELAWARE MUTUAL SAFETY IB. I 

Incorporated by the State of Pennsylvania in 1835. 
CAPITAL, $360,000. ASSETS . . $869,126.39. 

Office--S. E. corner Third and Walnut, PHILADELPHIA. 
New York Office— 32 Pine Street. 
D. J. RIESCH, Agent. WM. MARTIN, President, 

HENRY LYLBCR\, Secretary. THOS. G. HAND, Vice.Pres. 

HARTFORD HM IKS. CO. 

OIF 1 HEA.nTFOniD, 003STJST. 

Abstract of the One Hundred and Fourth Semi Annual Statement, 
May 1st, 1862. 

Capital, $500,000. 

ASSETS : 

Cash on hand and Cash items, $81,486 06 

Loans well secured, 54,915 49 

Real estate unincumbered, 15,000 00 

Bank stocks in Hartford, New York and Boston, etc., market value, 611,847 00 

Railroad stocks, market value, 18,800 00 

State Stocks and Bonds, market value, 129,550 00 

U. 8. Stock a»d Treas. Note, 40 560 00 

$952,158 55 

liabilities : — 

Unadjusted losses, $53,764 06 

OFFICERS : 

H. HUNTINGTON, President. T. C. ALLYN, Secretary. 

W. N. BOWERS, Actuary. C. C. LYMAN, Asst Sec- 

D ALEXANDER, Gen. Agent Western States. Chicago 111. 
EZRA WHITE, Agent, 61 Wall Street, New York. 



ii liteal IiiwaMt G®.. 



lE^HF^-IE INSURANCE. 

INSURANCE BUILDING, 49 WALL STREET. 

Security- Cash Capital $1 ,000,000 

Arising from Accumulated Profits. 

Assets Kntire, 81,694,950. 

DIVIDENDS.— POLICY HOLDERS receive annually in dividends all the 
Net Earnings. Rates Reduced. — Risks are now taken at a Reduction in Rate, 
corresponding to the time and discriminating as to character and class. 

Insurers of this company obtain the largest security, a division of the entire 
profits, and by express provision in the charter, framed by the Legislature, they 
are exempt from all personal liability. 

R. A. READING, Manager of the Fire Insurance Department 
M.H. GRINNELL, President. J. WHITEHEAD, Vice Pres. WM H. NEVINS, Sec. 

KINGS CO. FIRE INSURANCE CO. 

Sash Capital. « « ~ = $I5Q r 0Q@, 

OFFICES— BROOKLYN, Corner of 1st and South 7th Streets. NEW YORK 
No. 1 Nassau Street, corner of "Wall. 

E. T. BACKHOUSE, President. 

HENRY POPE, Secretary. JOSEPH ANDERSON, Surveyor. 



31 PINE STREET, M. Y. 



:o:- 



Cash Capital, $500,000 00 

Surplus, July 1, 1862, - - 150,497 64 

Net Assets, - $650,497 64 

Unadjusted Losses, - - - 4,000 00 

NO OTHER LIABILITIES. 

Dealers Keceive 75 per cent, of Net Profits. 

The SECURITY also insures against loss by Inland Navigation 
on the Lakes, Canals and Rivers. 
Losses promptly adjusted and paid. 

JOSEPH WALKER, President. 

THOS. W. BIRDSALL, Vice-President. 
R. L. Haydock, Secretary. 



OFFICE OIF- THE 

U. S. LIFE INSURANCE COMPANY 

2NTo. 4=0 ^TV^ll Street, 

SEW YORK, APRIL 11, 1862. 
FOURTH TRIENNIAL DIVIDEND. 

$&- THE BOARD OF DIRECTORS HAVE THIS DAY DECLARED a Dividend of THIRTY 
per cent, on the Premiums paid, and an addition of NINETEEN AND ONE-TENTH per cent, 
to the amount of all previous Dividends and additions, to Policies in force on the 4th March, 
1862, payable in cash, when the sums insured become due, as provided in the Charter. 



:o:— 



ASSETS, $812,119.78, 



JOSEPH B. COLLINS, 
LUTHER BRADISH, 
JAMES STJYDAM, 
JAMES MARSH, 
JOHN J. CISCO, 
ISAAC A. STORM, 
JOHN A. LUQUEER, 
JOSIAH RICH, 
CHAS. M. CONNOLLY, 
THOMAS C. DOREMUS, 



BOARD OF DIRECTORS. 

B. F. WHEELWRIGHT, 
WILSON G. HUNT, 
DAN. H. ARNOLD, 
W. R. VERMILYE, 
WILLIAM TUCHER, 
SHEPHERD KNAPP, 
EDWARD S. CLARK, 
ISAAC N. PHELPS, 
CHARLES E. BILL, 
JOHN J. PHELPS, 



CLINTON GILBERT, 
JACOB HASEN, 
WM. B. BOLLES, 
HANSON K. CORNING, 
JOHN C. BALDWIN, 
EDWARD MINTURN, 
AUGUSTUS H. WARD, 
JAMES GALLATIN, 
JEREMIAH P. ROBINSON, 
CHARLES P. LEVERICH. 



JOSEPH B. COLLINS, President, 
N. G. DEGROOT, Actuary, JOHN EADIE, Secretary. 

JAMES W. G. CLEMENTS, M. D., Medical Examiner. 
GEO. P. CAMMANN, M. D., Considting Physician. 

J. B GATES, General Agent, 
JAMES STEWART & HENRY PERRY, City Agents. 



FIRE AND LIFE INSURANCE. 



§Upl Insurance Crnnptig 

OF LIVERPOOL & LONDON, 

OFFICE No. 56 WALL STREET, HT. Y., 

Opposite Hanover Street. 



AUTHORIZED CAPITAL, 

*2,©00,000 Sterling, or $10,000,000. 

Paid up Capital and Surplus, $4,000,000. 

$100,000 invested in U. S. Stock held by the Superintendent of the Insurance 
Department, on account of the Life Branch. 

$400,000 invested in U. S. Stocks held in New York to meet losses. 

LOSSES ADJUSTED IN NEW YORK, AND PROMPTLY PAID. 



:o:- 



ADAM NORRIE 



Ntew York Trustees r 
RICHARD IRVIN. 

COMMITTEE OF MANAGEMENT. 



A. A. LOW. 



WILLIAM C. PICKERSGILL 
ADAM NORRIE. 
BENJAMIN B. SHERMAN. 
HENRY L. ROUTH. 
HENRY EYRE, 
ROYAL PHELPS, 
THOMAS RICHARDSON'. 
\Y. BUTLER DUNCAN, 
FRANCIS SKIDDY, 
HENRY A. SMYTHE, 
GEORGE MOKE, 



47 Wall Street, 

J. Boorman Johnston & Co. 

Sherman, Tallman & Co., 

45 William Street, 

74 Broad Street, 

Maitland, Phelps & Co., 

15 Broadway, 

Duncan, Sherman & Co., 

101 Wall Street, 

Smythe, Sprague & Cooper, 

79 Front Street. 



a. b. Mcdonald, Agent. 



:o:- 



U.veppQol Trustees: 
JOHN SHAW LEIGH, JOHN NAYLOR. 



:o: 

LIVERPOOL DIRECTORS. 

Charles Turner, Chairman. 
Ralph Brocklebank and Edward Johnston, Deputy Chairmen. 



Thomas D. Anderson, 
Michael Belcher, 
George Booker, 
Thomas Bouch, 
Michael Bousfield, 



David Cannon. 
Thomas Dover, 
S. R. Graves, 
James Holme, 
Thos. Dyson Hornby, 



John Torr. 

:o; 



George H. Horsefall, 
Richard Houghton, 
Maxwell Hyslop, 
Roger Lyon Jones, 
E. T. Kearsley, 



James Lawrence, 
David Malcomson, 
Wm. J. Marrow, 
Francis Maxwell, 
William Smith, 



Robert B. Byass, 
Richard Cooke Coles, 
Henry Kendall, 



LONDON DIRECTORS 

Samuel Baker. Chairman. 
Thomas Lancaster, 
Edward Macmurdo, 
Henry McChlery, 



Daniel H. Rucker, 
William Wainwright, 
John Westmoreland. 



PERCY M. LOVE, Manager and Actuary. 



/ 

AMEEICAN 



Etturnnritni Jtoal 



INSURANCE DIRECTORY 



FOR 



1862-3 



Compiled by JOSEPH B. ECCLESINE. 






$to gflrli: 

GRIERSON & ECCLESINE, 
Publishers Wall Street Underwriter. 



1862 

■ ■ 

■ 




: Z /J& l^ 



; 



Entered according to Ad p sb, in the year 1862, by 

PH B. ECCLESINK. 

In the Clerk's Office of the District Court of the Unit. the Southern District of 

New York. 



2/ f-irp 



A. Whitehohxe, Steahi Eook and Job Printer, 42 Ann Street, New York. 



tonal jfommatg oi (&mUnt&. 



PAGE 

1— Officers of Fire Ins. Cos. in New York & Brooklyn, alphabetically ar- 
ranged ix 

2 — Officers of Marine Insurance Companies of New York xiii 

3 — Officers of Life Insurance Companies x'.v and xcix 

4 — Agents of Life Insurance Companies in New York xv 

5 —Agents of Fire and Marine Companies in New York xv 

6 — Officers of Mutual Fire Insurance Companies of New York State .... xvi 

7 — Massachusetts — Officers of Stock Capital Companies, Fire and Marine., xvii 

8 — Officers of Mutual Fire and Mutual Fire & Marine Companies of Mass. xix 

9 — Officers of Mutual Fire Insurance Companies in Massachusetts xx 

10 — Officers of Life-insurance Companies in Massachusetts xxii 

11 — Pennsylvania — Officers of Fire Marine and Inland Insurance Compa- 
nies in Philadelphia „ xxiii 

12 — Officers of Life Insurance Companies in Philadelphia xxiv 

13 — Insurance Agents in Philadelphia xxv 

Officers of Stock Capital Companies in New York State xxv 

14— Authorized Agents in Massachusetts for other State & Foreign Com- 
panies xxv i 

15 — iVgents in Brooklyn xxx 

16— Attorneys appointed in New York State for Companies of other States 

for 18G2 xxx 

17— Agents of Insurance Companies of other States certified by Insurance 

Superintendent in New York State, for 1862 xxxi 

18— Agents for Liverpool & London in New York State xliv 

19— Connecticut-Officers of Fire & Marine Insurance Companies xlv 

20--Officers of Life Insurance Companies in Connecticut xlvi 

21 — Insurance Agents in Connecticut , xlvi and c 

22 — Mutual Fire Insurance Companies in Connecticut xlvii 

23 — New Hampshire — Mutual Fire & Mutual Life Insurance Companies in 

1861-2, and officers' names xlvii 

24 — General remarks of New Hampshire Insurance Commissioners xlvii 

" - — Recapitulation of New Hampshire Insurance Companies accounts.. . . 1 

25 — Vermont Fire Insurance Companies and Officers li 

26— Rhode Island— Stock and Mutual Fire Insurance Companies li 

" — Insurance Agents in Providence, R. I lii 

27 — Report of Rhode Island Board of Insurance Commissioners lii 

28 — Country Companies in Pennsylvania lviii 

29 — Licensed Agents of other State Companies in Pennsylvania lviii 

30 — Illinois— Fire Insurance Life and Trust Co.'s and agents in Chicago. . lix 

" — " Country Companies in Illinois Ix 

31 — Kentucky — Insurance Companies in Louisville Ix 

32 - Michigan— Insurance Agents in State lxi 

'• —Michigan — Insurance Agents in Detroit lxii 



IV CONTENTS. 

33— Missouri— Fire Insurance Companies in St. Louis lxii 

34 — Missouri — Life Insurance Companies in St. Louis lxiii 

3 1— Missouri — Agents in St. Louis lxiv 

35 — Louisiana — Insurance Companies of New Orleans lxiv 

36 — New Jersey — Officers of New Jersey Insurance Companies lxvi 

36 — New Jersey — Agents in New Jersey lxvi 

36— New Jersey— Schedule of Insurance Companies in New Jersey lxvii 

37 — Washington & Georgetown, D. C, Insurance Companies and Agents lxvii 

38— Iowa— Insurance Companies and Agents lxviii 

3fl — Indiana — Companies and Agents in Indianapolis lxviii 

40 — Wisconsin— Insurance Companies, Officers and Agents lxix 

40— Wisconsin — Life Insurance Company, Milwaukee Ixx 

40— Wisconsin— Statistics of Insurance in Wisconsin Ixx 

41— Maryland — Baltimore Insurance Companies aad Officers lxxii 

41 — Maryland — Agents in Baltimore lxxiii 

42- Ohio — Cincinnati Insurance Companies and Officers lxiv 

42 -Ohio — Agencies in Cincinnati and Cleveland lxxv 

43— Maine — Insurance Companies and Officers in the State lxxv 1 

43 — Maine — Agents in Portland, &e lxxviii 

43 — New Hampshire — Principal Agents in Concord and other towns. . . . lxxviii 

43 — Vermont — Agents '. lxxviii 

44 — San Francisco — California, Companies and Agencies lxxix 

44 — Connecticut — Table of Stock Capital Insurance Companies lxxx 

45 — New York Board of Marine Underwriters lxxxi 

45— New York Board of Fire Underwriters lxxxii 

46 — American Shipmasters Association lxxxii 

47— Philadelphia Board of Marine Underwriters lxxxii i 

47— Philadelphia Board of Marine Fire Underwriters lxxxiii 

48 — Mass. — Boston Board of Marine Underwiters lxxxiii 

49 — New York Fire Department Ixxxiv 

49 — New York Steam Fire Engines Ixxxv 

50 — List of English Insurance Companies lxxxvi 

51 — German Insurance Companies — Stock Fire Companies xc 

" " Pure Mutual Life Companies xc 

'• " Mixed Stock Life Companies xci 

'• " Pure Stock Life Companies xci 

" " Mutual Fire Insurance Companies.. xci 

52 — New i'ork State Government xcii 

53— Marine Insurance in New York— General summary for 22 years, 

1839 to 1861 xcvi 

54 — Royal Insurance Company — Summary of business for 10 years .... xcvi 

55— Officers of New York Chamber of Commerce, 1862 xcvii 

56 — Philadelphia Insurance Companies — Schedule xcviii 

57 —New York Life Insurance Companies — Revised list of Officers xcix 

58— Connecticut— Additional List of Agents c 

59 — New York — Average Adjusters c 

" Agents & Brokers c 

60— Massachusetts — General Agents of other State Life Companies ci 

61 — Delaware— Companies in Wilmington, ci 

62 — Minnesota — Insurance Agents ci 

63 — Insurance Journals in America and Europe cii 

Gi — Statistics of Insurance in United States from last census eiii 

65— Errata and Addenda civ 



pptnilix. 



United States National Tax Law— July 1st, 1862— Provisions concerning 

Insurance Companies. 
1— 32d Annual Report of Superintendent of New York Insurance Depart- 
ment, with statistical tables and appendix, containing accounts of 
Liverpool & London, Unity, and correspondence, &c , (abstracts of 
statements omitted) 
2 — Laws relating to Insurance passed the 85th Session of New York State 

Legislature, 18G2 
3- Seventh Annual Report of Insurance Commissioners of Massachusetts, 

January 1, 1862 — Part 11, Life Insurance i 

Tables of valuation of policies omitted — Schedules corrected by 
Commissioners. 
4— Synopsis of Stock Capital Fire and Marine Insurance Companies of 

Massachusetts, from Commissioners Report xvii 

Do Home Mutual Fire Companies xvii 

Do Mutual Fire & Marine Companies xx 

5— Life Insurance in New York State in 1861, synopsis of returns- 

6 — Profit and loss in Life Insurance in 1861 xxi 

7 — Insurance acts of Massachusetts, 1862 xxv 

8 — California statutes affecting Insurance Companies xxix 

9— Insurance laws of Wisconsin, 1859 xxxv 

10 — Insurance Law of New Hampshire, 1862 xxxix 

1 1 — Insurance laws of Iowa, 1857 xl 

12 — Michigan Insurance law, 1859 xlv 

13 — Tennessee Insurance laws xlix 

14 — Connecticut Insurance law, 1860 li 

15 — Massachusetts Insurance laws, 1861 li 

16 — Maine Insurance law, 1861 liii 

17 — Insurance Laws of Pennsylvania, 1861 1 v 

18 — New Jersey Insurance law, 1860 xlix 

19 — The Mutual Life Insurance Company of New York b li 

20 — Home (Fire) Insurance Company of New York b lv 

21 — Continental Fire Insurance Company of New York lix 

22-Life Insurance Progress in New Jersey — Mutual Benefit Life Jxii 



PEEFACE. 



If a new book supplies a public want it does not stand in need of 
apology from its author or publisher ; still some excuse seems 
to be necessary for the act of publication — besides it is a relief to 
the mind of the author editor or compiler to tell the public in this 
prefatory way why he undertook, and how he acomplished his task. 

For several years the compiler of this " Manual and Directory" has 
in his own experience felt the want of a work giving a general account 
of all Insurance Institutions in the United States — a sort of Insurance 
Gazetteer — and he has been frequently applied to by persons in pub- 
lic situations and interested in general statistics to know if any such 
book had been published. In the belief that such a work would be 
found useful to the whole profession of underwriters and incidentally 
of some value to the public generally, ho set about collecting the mate- 
rials for its compilation. The opportunity of embracing a republica- 
tion of the official reports of several State Departments or at least 
the more material portions of those valuable public documents, was a 
great encouragement in the undertaking. As the work progressed the 
editor found that it would be desirable to include in it all the recent 
statutes affecting Insurance business in the several States, and so far 
as he was enabled to collect those statutes he has embodied them 
in the compilation, adding such statistics of English and German 
Companies as were available with other general information of a col- 
lateral character, as specified in the general summary of contents. 
The editor is fully conscious that this work is very far from being com- 
plete, and that its form of arrangement is very defective ; yet he feels 
assured that it will be found to be the nearest approximation to the 
work desired, that under the existing circumstances of the country 
could well be compiled, and he hopes that it will at all events be found 
useful to the Insurance and Mercantile community. 

From the desultory manner in which much of the material was col- 
lected it was found impossible to maintain a methodical system of ar- 
rangement in the details. This and other defects he hopes to remedy in 
future editions. So far as New Y ork and Massachusetts are concerned 
the excellent and thorough official reports of Mi. Barnes and Mr. 



PREFACE 

Wright, with the appended statistical tables leave no further informa- 
tion to be desired regarding the condition of the Insurance Institutions 
of these States. In Rhode Island and Xew Hampshire it will be seen 
that an approach is being made by Commissioners appointed in 
those States, towards the same full exhibit of financial details. As 
regards the Companies of Connecticut they are virtually supervised in 
the reports of Massachusetts and Xew York, as nearly all the Compa- 
nies of that State transact business in the other two making full an- 
nual returns therein. From Pennsylvania and the Western and South- 
western States the desired information has not yet been procured in 
official form, but there are very strong indications that before another 
year is completed the Insurance Institutions of Pennsylvania will be 
subjected to a state supervision similar to that established in Massa- 
chusetts and Xew York. Illinois and Ohio will soon need protective 
measures of the like character, and it is reasonable to hope that very 
few years will elapse before the business of insurance will be so 
thoroughly systematized and supervised throughout the entire Union 
that a body of national statistics on the subject can be presented fitly 
representing the high commercial rank of the country and worthy of 
the social progress of our people. 

Insurance, essentially a subtle intellectual operation is yet the safe- 
guard of commerce and industry, demanding as a basis for its exercise a 
wealthy and refined people and for its management, a class of men of 
high culture, superior intelligence and capacity. 

It i> firmly believed that the statistical information disclosed in the 
pages of this compilation will prove that the American people are at 
least equal to the requirements of the age in these essential particu- 
lars. For the liberal encouragement this work has received from the 
public spirited officers of the leading Marine Life and Fire Companies in 
New York, the editor desires to express his sincere gratitude, and it is 
his earnest desire that the production may be found in some measure 
worthy of their approval as well as acceptable to the profession 
generally. 

Xew Y^ork, August, 1862. 



INSURANCE DIEECTOKT— 1862. 



1-OFPICERS OF FIRE INSURANCE COMPANIES IN 
NEW YORK CITY AND BROOKLYN. 



AMES, JAS. B., Jr., Sec Clinton, 52 Wall St. 

ANTHONY, ED WARD, Pres.. Lamar, 50 Wall St, 

BABCOCK, BENJ., Pres Commerce, 27 Wall St. 

BACKHOUSE, EDW., Pres.. (Kings County, 1 Nassau St., 

( and Brooklyn. 

BAGE, ROBERT, Pres Goodhue, 12 Wall St. 

BAKER, JOHN, Sec. Mercantile Fire, 166 Broadway. 

BAKER, JOSIAH W., Pres.. Park. 237 Broadway. 
BALLARD, FRANK W., Sec. Importers & Traders, 100 B'dway 
BALDWIN, HENRY, Sec. . .. Gallatin, 94 Broadway. 
BARKER, ISAAC 0., Pres. . .Rutgers, 176 Chatham Square. 
BARKER, JOS. S., Vice-Pres. .Merchants', 92 Broadway. 

BATES, JAMES M., Sec American Exchange, 128 B'dwy 

BEECKMAN, HENRY, Sec. .Firemens' Fund, 110 Broadway. 
BEEKMAN, ABRAHAM J., ( Nassau, 10 Court St., B'klyn. 

Sec. 1 65 Wall. St., N. Y. 
BEERS, EDWIN, Sec j Montank, 7 Court St. B'klyn, 

1 and 60 Wall St., N.Y. 
BELCHER, SAMUEL E., Sec.Jefferson, 60 Wall St. 
BENSON, BENJ. W., Pres. . .Beekman, 8 Wall St. 
BERGEN, TEUNIS J., Pres.. Lafayette, 14 Wall St.&Bklyn 
BERNHEIMER, H., Vice-Pres. Central Park, 168 Broadway. 
BLEECKER, R. W., Sec, .... North American, 6 Wall St. 
BIRDSALL, T. W., Vice-Pres.. Security, 31 Pine St. 
BIRNEY, CHAS. H., Pres. . . .East River, 69 Wall St. 
BROUWER, JACOB, Pres.... ^Etna, 170 Broadway. 
BROWN, SAMUEL, Pres. . . .American Exchange 128 B'dwy 
BROWN, TIMOTHY Y., Sec.Tradesmen's, 153 Bowery. 
BURRELL, WM, Sec ( Firemens Trust, 9 Court St. 

| B'klyn, & 7 Wall St., N.Y. 
BURTIS, WM. A. Jr., Sec. . .Empire City, 102 Broadway. 
CHAUNCEY, DAN'L, Pres. . . ( Mechanics' B'klyn, Montague 

} St., and 31 Wall St., N.Y. 
CHESHIRE, ELISHAH., Sec .Beekman, 8 Wall St. 
CHURCHILL, T. G., Pres. . . . Columbia, 10 Wall St. 
CLARK, MATHIAS, Pres .... People's 393 Canal St. 
CLARKSON, DAVID, Pres.. . Gallatin, 94 Broadway. 



X INSURANCE DIRECTORY. 

CLINTON, ALEX. J.. Sec .... Ea-le. 71 Wall St. 

COCKS, JOHN D., Pres (Atlantic Fire. Brooklyn, and 

J 14 Wall St.. X. Y. 

COBB, JAMES X.. Pres Eagle, 71 Wall St. 

COBB. WM. A.. Pres Fulton. 172 Broadway. 

COOMBE-t. RICEPD C., Sec. Exchange, 170 Broadway. 

CRAFT, SAM'L M. Sec Excelsior. 1H0 Broadway. 

CRARY. WM. E.. Sec Relief, 8 Wall St. 

CRIPP& WM.. Pre" Standard, 50 Wall St. 

CROWELL, EDGAR W.. Vice Pres. Phoenix, 62 Wall St. 
CROWELL* MARTIN L..Sec. Irving, 9 Wall St. 
CROWELL. STEPHEN. Pres.. f Pheiiix, Conrt St.. Brooklyn. 

I and 02 Wall St., X. Y. 
CURRY. DUNCAN P., Sec... Re public, 16 Wall St 
DELAMATER, B. W., Pres.... ( Long Island, 41 Fulton St.. 

( B'klvn, and 48 Wail St. X.Y. 
DORR. HORATIO. Sec i Atl .'uric Fire. Brooklyn, and 

| 14 Wall St., N. Y. 

DOUGLASS, J. L.. See Merchants' 02 Broadway. 

DOWNER. FRED'K W. Sec .. American, 48 Wall St. 
DROWXE. HENRY T.. S ational, 52 Wall St. 

DUSENBERRY, WM. H.,S jc..New Amsterdam, 20 Wall St. 
ELLSWORTH. WM.. Vice Pres. Biookryn, Court st. c. Remsen. 

Brooklvn. 

ELY. NATHAN C, Prea Peter Cooper. 3d Av., c. 9th Sr. 

EMMETT, THOS. A., Pres... New World, 35 Pine St. 
FELLOWS, ED WD B, Sec.Rntgers, 176 Chatham Square. 
FERRIER. JOHN M.. Pres - . Marks, 07 W 11 St. 
FORRESTER, H. M.. Pres... Broad way, 433 Broadway. 
FOWLER. M. V. B.. See.... Commercial, 40 Wall St. 

FoX. GEORGE S. Pros City, 01 Wall St. 

FRANKLIN. W. M.. Sec... .Lenox, 16 Wall St. 

FREEMAN, II. P.. Sec Market, 37 Wall St 

FURNALD, F. P. Pres Brooklyn, 18 Wall St 

GARRIGUE, R., Sec Germania Fire. 4 Wall St. 

GLOVER. R. 0.. Sec Harmony. 50 Wall St. 

GIROUX. HUBERT. Sec f Willi msbrirgh City, 1st St. 

1 B'klvn. A- 40 Wall St.. X.Y. 
GRAHAM, JAMES L.. Pres.. .JMetropoiitan. 108 Broadway. 

GRAHAM, X. B.. Pres Firemen's Fund. 110 B'dwav. 

GREENLEAF, THOS., Sec... Hope. 92 Broadwav. 

HALL, GEO.. Pres [ Firemen's Trust, 9 Court St.. 

J B'klyn,& 7 Wall St.. X.Y. 

HALSTED. JAS. M., Pres American. 48 W,ll St. 

HARRIOTT. JAS. C.,Sec Brevoort, 70 Wall Sr. 

HARRIOTT? J. V. Sec Firemens. 33 Wall St. 

HARRIOTT. SAME C, Pres. Greenwich, 400 Hudson. 
HARRIS, WM. M., Pres J Nassau. 10 Court St., Br'klvn, 

1 oc 65 Wall St.. X. Y. 



INSURANCE DIRECTORY. XI 

HARRISON, JAS., See. ...... . Greenwich, 400 Hudson St. 

HART, ROBERT D., Sec Astor, 16 Wall St. 

HATFIELD, AMOS F., Pres. . Pacific Fire, 470 Broadway. 

HAWS, GEO. T., Sec Commonwealth, 6 Wall St. 

HAYDOCK, RICHT) L., Sec.Securitv, 31 Pine St. 
HEALD, D. A., Gen'l Agent.. .Home, 112 Broadway. • 

HEGEMAN, JOHN, Sec North River, 202 Greenwich St. 

HENSHAW, WM. W., Sec... J Long Island, 41. Fulton Street 

( Brooklyn, and 48 Wall St. 

HIBBARD, WM., Pres N. Y. Bowery, 124 Bowery. 

HILGER. MAURICE, Pres. . . Germania Fire, 4 Wall St. 

HODGSDON, GEO., Sec Knickerbocker Fire, 64 Wall St 

HONE, JOHN 1 , Pres Indemnity, 63 Wall St. 

HONE, ROBERT S., Pres .... Republic, 16 Wall St. 

HOPE, GEO. T., Pres Continental. 102 Broadway. 

HOXIE, JOSEPH, Pres Commonwealth, 6 Wall St. 

HOXIB, WxM. E. Sec ...Commerce, 27 Wall St. 

JAFFRAY, WM., Sec Park, 237 Broadway. 

JARVIS, GEO. A., Pres Lenox, 16 Wall St. 

JEREMIAH, THOS. F., Sec. .Pacific Fire, 470 Broadway. 
JONES, OLIVER H., Pres.. . .N.Y. Fire & Marine, 72 Wall St 
KEELER, DAVID B., Pres..Tradesmen's,153 Bowery & 14 Wall 
KEMEYS, EDWARD, Sec... . Columbia, 10 Wall St. 

KETCHUM, JOS. ,Pres Corn Exchange, Wm. c. Beaver 

LAING, HUGH, Pres Clinton, 52 Wall St. 

LAMPORT, H. H., Sec Continental, 102 Broadway. 

LEARY, ARTHUR, Pres . . . .Harmony, 50 Wall St. 

LEE, FRED'K R.. Pres Stuyvesant, 122 Bowery. 

LEGGETT, WM. F., Sec Brooklyn, 18 Wall St. 

LEWIS, FRANK W., Sec .... Adriatic, 5 -Nassau St, 
LOTHROP, WM. K, Sec ... . Washington Fire, 172 Broadway 

LOTT, JAS. R., Sec Mechanics & Traders, 48 Wall. 

LUQUEER, JOHN" A., Pres. . .Adriatic, 5 Nassau St. 

MACY, F. W., Sec Goodhue, 12 Wall St. 

MANIERRE, BEN J. F., Pres. Importers & Traders 100 B'dway 
MANNERS, DAVID S. Pres.. New Amsterdam, 20 Wall St. 
MARTIN, CHAS. J., Pres. . . .Home 112 Broadway. 

McGEE ? JOHN, Sec Home, 112 Broadway. 

McLEAN, JAMES M., Pres . . j Citizens, 67 Waif St.. N. Y. 

\ and 18 Grand St., Br'klyn. 
MICHELBACHER, A., Pres. . Central Park, 168 Broadway. 

MILLER, JOHN, Sec .N. Y. Equitable, 58 Wall St. 

MILLER OLIVER P., Ass. Sec, Williamsb'h Citv, 40 Wall. 

MILLS, JOHN C, Sec Lorillard, 104 Broadway. 

MOORE, SAMPSON, Pres. . . .Grocers' 48 Wall St. 
MORliELL, TBOS., Pres. . . .Jefferson, 60 Wall St. 

MULLIGAN, WM, Pres Humboldt, 10 Wall St. 

MURRAY, L1NDLEY, Pres..Kmpire City, 102 Broadway. 
NEVIUS, WM. H, Sec Fire Dep't Sun Mutual, 4 l J Wall 



Xll INSURANCE DIRECTORY. 

NICHOLS, WALTER. Sec... (Mechanics, Montague Street 

J B'klyn, and 31 Wall St. 
NORWOOD. CARLISLE. Pres. Lorillard. 10-4 Broadway. 

NOTMAN, PE I BR, Sec Niagara, 67 Wall St. 

OAKLEY, HENRY A.. Sec'v .Howard. 66 Wall St. 
OAKLEY. RICHARD. Pres.'. Brevoort, 70 Wall St. 
OSTRAXDER. C. V. R.. Pres-Merohante, 92 Broadway. 

OTIS. JAMES W., Pres North American. 6 Wall St. 

PALMER, THOMAS. Sec .... East River, 69 Wall St. 

PALMER, WM. P.. Pre? Manhattan. 6* Wall St, 

PATTERSON, SAM'L A.. Sec.New World. 35 Pine St. 

PEARSON, J. G., Yice-Pres.. Relief, 8 Wall St. 

PECK. CYRUS. A ss't Sec. ...Continental, 102 Broadwav. 

PETIT. JOSEPH. Pres Commercial. 49 Wall St, 

PINKNEY, J AS. II.. Pres. . . .Relief. 8 Wall St. 
PINKNEY, WM. T.,Pres.... Astor, 16 Wall St. 

PLATT, JAMES a., Sec Grocers, 48 Wall St. 

PLUNKETT, EUGENE, Pres. .Excelsior, 130 Broadway. 

\ Kings Countv. 1 Nassau, 

POPE. HENRY. Sec | and Brooklyn. 

POST. WASHINGTON'. Sec. .Saint Marks. 07 Wall St. 

RAXDFLL. WM. H.. Sec Resolute, 3 Nassau. 

RANKIN. JAS. M., Sec .... Fulton. 172 Broadway. 

READING, R. A.. Manager Fire dep't Sun Mutual. 49 Wall St. 

REESE, JACOB., Pres Hope, 92 Broadway. 

I Peter Cooper, Third Avenue, 

RIBLET. WM. H , Sec j cor. 9th St. 

RICHARDSON. A. C. Aa't Sec.Columbia. 6 Wall St. 

RIT'l ER. WASHTON, Sec... United States Eire. 69 Wall St. 

ROOME. A. P. M.. Sec Stnyveaant, 122 Bowerv. 

ROTHSCHILD B.. Sec Central Park. 168 Broadway. 

ROWLAND. C. N. S.. Pre-... Firemens', 33 Wall St, 
SATTKRLRK, GEO. C. Pres*. . Washington Fire, 172 Br'dway. 
S^T LY.ULEE. LIVINGSTA »N. 

Sec. JE r r\\. N. Y., 170 Broadwav. 
SHAW. PHILANDER. Sec... \ Phoenix. 1 Court St.. B'kivn, 

( and 62 Wall St. 

SHELDON. WM. R. Sec Indemnity, 63 Wall St. 

SKIDMORE, . T. Pre* Howard, 66 Wall St. 

SLOOUM, WILLIAM S.. Sec. St- Nicholas 166 Broadwav. 
SMITH AN1IKEW .1 . Sec. . M nhattan, 68 Wall St. 
SMITH, KIC IARD J., Pies. .Hamilton, 11 Wall St. 

SMITH, JOHN R., Sec Gebhard, 1 Pine- St. 

SMITH J. MILTON, Pr^s Areta-, I a Wall St. 

SMITH, WASHINGTON, V.P.Li: illird. 104 Boadway. 
STAN »i5J ({. E.) V. A.. Sic tfitropulitaii 108 Boadway. 
SI tifcLE. JONATHAN I>.,Pres.Ni>igara, 67 Wall St. 
ST. JOHN, ISAAC R . Sec, L.mar, 5U Wad St. 
ST. JOHN. WM. M.. Sec. . . . Standard, 50 Wall St. 



INSURANCE DIRECTORY. Xlll 

STONE, DORAS L..Pres . . . .Hanover, 45 Wall St. 

STUD WELL, JOHN J., Pres. . j Montauk," 7 Ourt St. B'klyn. 

I and 60 Will St., X. Y. 

TAYLOR, ASHER, Pres Market, 37 Wall St. 

TAYLOR, GEO. G., Sec N.Y. Bowery, 124 Bowery. 

TENEYCK, RICHARD, Pres. j Williamsburg City, 1st St. 

\ B'klyn, and 40 Wall St., N.Y., 

TILYOU, VINCENT, Sec Arctic, 18 W,U St. 

TBoM-ON, MASOV, Pres... .Irving 9 Wall St. 
THOMSON. WM. A., Pres ...Mercantile, 166 Broadway 
THOMPSON, JAMES B., Jr . 

Sec.Lafavette, 14 Wall St. 
TBORNE, RICH'D. J., Pres...N. Y. E iuitab!nFire,58 Wall St 

THORNE. WM.S.. Pres National. 52 Wail St. • 

TOWN T SEN T D. SAMUEL, Sec.Oitv, 61 W.ll St. 

TUCKER. WM.. Pres Knickerbocker Fire, 64 Wall St. 

UNDERBILL, ABRAHAM S. 

Pres. Unite-! States Fire, 69 Wall St. 
UNDERBILL. DANIEL Sec. N. Y. Fire & tfafin«72 Will St. 
UNDERBILL, WM. P., Sec. .. People'. 393 Canal St. 
UNDERBILL, VALTER,Pres.Mechanics &Tradefs,48 Wall St 

ULBORNE, C. F., Pres Resolute, 3 Nassau St. 

VAN NO RDEN, JAS., Pres... Exchange, HO Broadway. 
WADDINGTON. WM D. Pres.Gebhard, 1 Pine St. 
WALCOTT, BEX J. S.,Sec. . Banover, 45 Wall St. 
WALKER, JOSEPH, Pre*.... Security Fire, 31 Pine St. 
WALTON, EDWaRD A., Sec Citizens, 67 Wall St. 
WARNER. PETER R., Pres. .North River, 202 Greenwich S*. 
WESTON, HENRY, Vice P.... Washington F re, 172 Br'dwaN . 

WILEY. ALEX. Jr.. Sec Humboldt, 10 Wall St. 

WILLMARTH, A. F., Vice P.,Horae, 112 Broadway. 

WINANS. JO BN C, Sec Hamilton. 11 Wall St. 

WINDSOR, WM. H., Sec ( Corn Exchange Win. St., cor. 

( Beaver. 

WINSLOW, WM., Pres St. Nicholas. 166 Broadway. 

WRAY, JOHN, Sec Broadway, 433 Broadway. 



2-OFFICERS OF MABINE INSURANCE COMPANIES 
OF NEW YORK. 

ANTHONY, EDWARD R., Sec. Sun Mutual, 49 Wall St. 
BIERWITH, LEOPOLD, Pres. .Orient Mutual, 37 Wall St. 
DENNIS, CHARLES, Vice-Pres . Atlantic Mutual Marine, 51 Wall. 

DESPARD, C. J., Sec .Mercantile Mutual, 35 Wall St. 

EDWARDS, ALFRED, Pres. . . .Pacific Mutual, 111 Broadway. 
EUSTAPHIEVE, A. A., Sec... .Mutual of Buffalo, Buffalo, N. Y. 
EVANS, JAMES C, Pres Mutual of Buffalo, Buffalo, N. Y. 



XIV INSURANCE DIRECTORY. 

GRINNELL, MOSES H., Pres.. .Sun Mutual, 49 Wall St. 

HANSFORD, W. P., Sec N. Y. Mutual. 61 William St. 

HOLMES, ADRIAN B, Yice-Pres.Commercial Mutual, 59 William St. 

IRVING, CHARLES, Sec Orient Mutual, 37 Wall St. 

JONES, JOHN D, Pres Atlantic Mutual, 51 Wall St. 

JONES, TOWNSEND W. Sec. .Atlantic Mutual, 51 Wall St. 

KING, HENRY D., Sec Commercial Mutual, 59 William St 

KOOP, G. HENRY, Pres Washington Marine, 40 Pine St. 

LATHERS, RICHARD, Pres. . .Great Western, 33 Pine St. 

LATHROP, F. S., Pres Union Mutual, 63 William St. 

LECONEY, WM., V.ce Pres . . . .Pacific Mutual, 111 Broadway. 

LORD, THOS., Yice-Pres Columbian Marine, 1 Nassau St, 

LYELL, JOHN H. Vice Pres. ...N. Y. Mutual, 61 William St.* 
MOORE, W. H. H., 2d Yice-Pres.Atlantic Mutual. 51 Wall. 
MORRIS, BENJAMIN C. Pres..Columbian, 1 Nassau St. 
NEWCOMB, CHARLES. V. P. .Mercantile Mutual, 35 Wall St. 
OGDEN, ALFRED. Yice-Pres. .. Orient Mutual, 37 Wall St. 
ONDERDONK. BENJ. A.. Sec. .Pacific Mutual. Ill Broadway. 

PARKER, JOHN A., V. P Great Western, 33 Pine St. 

ROBINSON, DOUGLAS, Sec,. .Great Western, 33 Pine St. 

SMITH. DANIEL D., Pres Commercial Mutual. 59 William St. 

STAGG, FERDINAND, Sec. . . .Union Mutual,' 63 William St. 
TAPPAN, JNO. S.. Yice-Pres ... Union Mutual 63 Win. St. 
TAPPAN. JEREMIAH P. Pres. Neptune, 26 Pine St. 
THOMPSON. WM. C, Yice-Pres. Neptune, 26 Pine Street. 

VAN OLINDA, A. B., Sec Washington Marine. 40 Pine St. 

WALTER. ELLWOOD. Pres. .. Mercantile Mutual, 35 Wall St. 
WHIPPLE, A. W, Yice-Pres.. . .Washington Marine, 40 Pine St. 
WHITEHEAD, JOHN, Y. P.. . .Sun Mutual, 49 Wall St. 
WHITNEY, WILLIAM M., Sec.Columbian, 1 Nassau St. 
WREAKS, CHARLES F., Sec. .Neptune, 26 Pine St. 

• N. Y. Mutual — Office of President vacant. 



3.-0FFICERS 0? LIFE INS. COMPANIES IN N. Y. 

ABBOTT, ISAAC. Sec Mutual Life, 94 Broadway. 

ALENANDER, Wm. C, Pres, . .Equitable Life, 92 Broadway. 
BREWER, WM. A., Jr., Actuary .Washington Life, 98 Broadway. 
COLLINS, JOSEPH B., Pres. .. .United States Life, 40 Wall St. 

CURTISS, CYRUS, Pres Washington Life, 98 Broadway. 

T)E GROOT, NICH. G, Actuarv.U. S. Life, 40 Wall St. 

EAD1E, JOHN, Sec .XJ. S. Life, 40 Wall St. 

FRANKLIN, MORRIS, Pres. . . N. Y. Life, 112 Broadwav. 
FREEMAN, PLINY, Actuary. . .N. Y. Life, 112 Broadway. 

GAHAGAN, II. Y., Sec Guardian Life, 102 Broadwav. 

GRIFFITH, WALTER S., Pres. (Home Life, Court St, Brooklyn, 

~i 171 Broadwav 

HALSEY, J. L.. As't Sec Manhattan Life, 3i Nassau St. 

HOMANS, SHEPPARD, Act'v.. Mutual Life, 94 Broadwav. 
HOMANS, J. SMITH. Actuarv . .Guardian Life, 106 Broadway. 
HYDE, HENRY B, Yice-Pres.. .Equitable Life, 92 Broadway. 
KEARNEY, PHILIP R., Sec. .N. Y. Life and Trust, 52 Wall St. 



INSURANCE DIRECTORY. XV 

LYMAN, ERASTUS, Pres Knickerbocker Life, 10G Broalway. 

NEWBOLD, CLEAYTON, Vice-Pr. Washington Life, 98 Broadway. 
PECKHAM, WALTON H., Pres.Guardian Life, 102 Broadway. 
PHILLIPS, GEO. W., Actuary. .Equitable Life, 92 Broadway. 

RIPLEY, GEO. G, Sec Home Life, B'klyn& 171 Broadway. 

SCHWENDLER, FREDERICK, < Germania Life, 90 Broadway. 

Acting-Sec. and Vice-Pres ( 

SNIFFEN, GEORGE, Sec Knickerbocker Life, 106 Broadway. 

STEBBINS, SAM'L N., Actuary . Manhattan Life, 31 Nassau St. 

STOKES, HENRY, Pres Manhattan Life, 31 Nassau St. 

THOMPSON, DAVID, Pres . . . .N. Y. Life and Trust, 52 Wall St. 

WEMPLE, C. Y., Sec Manhattan Life, 31 Nassau St. 

WESENDONCK, HUGO, Pres.. .Germania Life, 90 Broadway. 
WINSTON, FRED'K S., Pres. .Mutual Life, 94 Broadway. 
YATMAN, JOHN V Local Actuary Royal L : fe. 



4-AGENTS OF LIFE INS. COMPANIES IN N. Y. 

CARPENTER, JAMES. Agent.. Mass. Mutual Life, 240 Broadway 
DAVEY, C. F., Agent National Life of Montpelier, Vt., 4 Broad St. 

DUNHAM, W. S., Agent Connecticut Mutual, 104 Broadway 

HABICHT & HOLBROOKE, ( International Life of Loudon, 70 

Agents "j Wall St. 

HOPPER, JOHN, Agent New England Mutual Life, Boston. 

Metropolitan Bank Building, 110 Broadway. 
KNEVITT, GEORGE M., Agent British Commercial and British 

Nation Life, 65 Wall St. 
LORD, J. L. & J. P., Agent. ...Mutual Benefit Life, 11 Wall St, 
LEAYCRAFT, JEREM'H, AgentKagle and Albion, 60 Wall St. 

McDONALD, A. B.. Agent Royal of Liverpool, 56 Wall St. 

PELL, ALFRED, Agent Liverpool and London, 56 Wall St. 

WHITTEMORE, P. !>., Agent . . ( American Mutual of New Haven, 

| H2 Broadw r ay. 



5-AGENTS OF FIRE AND MARINE COS. IN N. Y. 

ADLARD, GEORGE, Agent for Unity of Loudon 58 Wall. 

ALEXANDER, JAS. A., " f JEtna of Hartford 62 Wall. 

\ Norwich of Norwich. 

} Thames of Norwich. 

[ North American of Hartford. 
BANCKRR, JAS. A., " Franklin of Philadelphia. .27 Wall. 



BIGELOW, ASA Jr., 



American of Boston 46 Piue. 

American of Providence. 
E'iot of Boston. 
Manufacturers of Boston. 
-j Merchants of Boston. 
Merchants of Providence. 
National of Boston. 
North American of Boston. 
Providence Washington of Prov. 



XVl INSURANCE DIRECTORY. 

DEMING, GEORGE, u North Western of Oswego. 62 Wall. 

HOLLINGSHEAD, JAS. S." North American of Philad. 74 Wall. 
McDONALD, A. B., " Royal of Liverp'l & London 56 Wall. 

PECK, ELISHA, " ( City Fire of Hartford. . . .4 Broad. 

- City Fire of New Haven. 
( Merchants of Hartford. 

PELL. ALFRED, Resident-Sec. Liverpool and London. . .56 Wall. 

RATH BONE, R. C, Agent for. .Jersey Citv 63 Wall. 

RIESCH, P. P.. Delaware Mutual Safety of Phila.30 Pine. 

SATTERLEE. FRED'K Home of New Haven, 164 Broadwy. 

SATTERTHWAITE, BROS .... North American, Phil'a, (Marine) 

61 William St. 
SEELY & PARSONS ( Atlantic of Providence.. . . 64 Wall. 

- Hampden of Springfield. 
( Hope of Providence. 

WALKER. SAMUEL G ( American of Phila 75 Liberty. 

j Massasoit of Springfield. 
WHITE. EZRA (Connecticut of Hartford. .61 Wall. 

| Hartford of Hartford. 

\ Phoenix of Hartford. 

I Springfield of Springfield. 

[ Western Massachusetts of Pittsficld 



6 -OFFICERS OF MUTUAL FIRE INSURANCE CO'S OF 
NEW YORK STATE. 



ALBURTSEN, JOHN P., Sec. . .Mechanics' Mutual, Trov. 
BADE AT, ALBERT, Pres j Westchester Co. Mutual, New 

| Rochelle. 

BARTLE. JAMES P.. Pros Wayne Co. Mutual, Newark. 

BIGELOW. HORACE, Pres. . . . Waterrille Protection, Waterville. 
CASE, HUTCHINSON H. Pres. . Suffolk Co. Mutual, Southold. 

CHURCH. GEO. H., Sec Waterville Protection, Waterville. 

CLARKE. WILLIAM, Sec Empire, Cavuga Co., Union Springs. 

CLAWSON, DANIEL L., Pres. . j Richmond Co. Mutual, Richmond 

{ Village. 

COOPER. JOHN C. Pres Agricultural, Watertown. 

CORNING, ERASTUS, Pres.. . .Mutual of Albany, Albany. 
COTRELL. JOSHUA C, V. P . . ..Mutual of Albany, Albany. 

CRANE. JOHN S.. Pres Oraose Co. Mutual, Goshen. 

CUTLER. GEO., Sec Mutual of Albany, Albany. 

DODGE, LE GRAND. Sec Dutchess Co. Mutual. Poughkeepie. 

DUBOIS. PETER J.. Pres Kingston Mutual, Kingston. 

ELLIOTT. HORACE W., Sec. .Orange Co. Mutual, Goshen. 
GOLDSMITH, JOSEPH, H., Sec. Suffolk Co. Mutual, Southold. 

HANFORD. GEO. T.. Sec Schenectady Ins. Co., Schenectady. 

HAYWARD, L. A.. See Wyoming Co. Mutual, Warsaw. 



INSURANCE DIRECTORY. XV11 

HEARSEY, DAVID, Pres Schenectady Ins. Co., Schenectady. 

HUNTINGDON, D. N. Sec Franklin Co. Mutual, Malone. 

LAKE, SAMUEL, Sec f Farmers' Mutual of Erie Co., 

{ Buffalo. 

LANGWORTHY, LYMAN, B. Pres. Monroe Co. Mutual, Rochester. 
LAWRENCE, SIDNEY, Pres. . .Franklin Co. Mutual, Malone. 
LITTLE, MEREDITH B., Sec. 

pro tern. Dividend Mutual, Glens Falls. 
LOWCKS, HENRY, Pres ( Montgomery Co. Mutual, Cana- 

| joharie. 

MABBETT, JAMES, Pres Dutchess Co Mutual, Poughkeepsie 

McELWAIN, JOHN A., Pres. . .Wyoming Co. Mutual, Warsaw. 
ME fCALFE, HENRY B., Sec. . j Richmond Co. Mutual, Richmond 
; | Tillage. 

MOORE, GEO., Sec Northern N. Y. Mutual, Plattsburg. 

MUNSON, ISAAC, Sec Agricultural, Watertown. 

PALMER, ROBERT W., Sec. . .N. Y. & Erie, Middletown. 

PRESCOTT, JOEL H., Sec Wayne Co. Mutual, Newark. 

RICHARDS, PELATIAH, Pres. Dividend Mutual, Glens Falls. 
SHERMAN, JOHN A., V. Pres. .Agricultural, Watertown. 
SMITH, ALBERT, Sec. pro tern.. J Westchester Co. Mutual, New 

{ Rochelle. 

SPRAKER, DAYID, Sec j Montgomery Co. Mutual, Cana- 

( joharie. 

STARBUCK, NATHANIEL,PresMechanics' Mutual, Troy. 
STEELE, OLIYER jGK, Pres ( Farmers Mutual of Erie Co., 

j Buffalo. 

STEWART, JAMES S., Sec. . . .Western Farmers Mutual, Batavia. 
TOWNSEND, JAMES C, Pres. .Glen Cove Mutual, Glen Cove. 
TRUMPBOUR, JACOB H., Sec. Kingston Mutual, Kingston. 
YALENTINE ELLWOOD,Sec. Glen Cove Mutual, Glen Cove. 

YILAS, SAMUEL, F., Pres Northern N. Y. Mutual, Plattsburg. 

WARD, LEYI A., Sec Monroe Co. Mutual, Rochester. 

WHEELER, ELISHA P., Pres. .N. Y. & Erie, Middletown. 

WILLETT, SAMUEL, Pres .Western Farmers' Mutual, Batavia. 

WOODHULL, J. A., Sec Huntington Mutual, Huntington. 

WOODHULL, SMITH, Pres.. . . Huntington Mutual, Huntington. 
YA WGER, PETER, Pres Empire Ins. Co. Union Springs. 



7-MASSACHUSETTS.-0FF1CERS OF STOCK 
CAPITAL COMPANIES-FIRE AND MARINE. 

ABBOTT, JOHN C, Pres ( Shoe and Leather Dealers F. and 

{ M., Boston. 

ALLEN, NATHAN, Pres Howard Fire, Lowell. 

AMORY, THOMAS C, Pres. . .Firemen's, Boston. 
BALCH, JOSEPH W., Pres. . . .Boylston, Boston. 
BEAN, A. H, Pros National, Boston. 



XV 111 INSURANCE DIRECTX : 

BENNETT, ROBERT G Scc.1 
BENTON, AUSTIN W Sc . - : ,1 

BOWDITCH, J. IXG2 ston. 

Prefi 

BOWKER^ ALBERT, Pres ... North American I ton. 

13 RAM AX. Merchants. Boston. 

BYRNES, V; LIAM M inklin, Bost 

RTWRIGHT, CHARLES Manufacturers, Boston 

Pres, 

CHAPIX. A. W nro. teni. ring-field. 

HILL, A Dorchester Fire 

[AS. B .. Prea . . . Trad rs and Mechanics, Lowell. 

•IN, WM. B. f Sec Mercantile Marine. B 

CONNOR, WM.. ■" - mgfield F. & M, Springfield. 

CURRIER. AC DSTUS, Sec les' Mutual Fire, W 

MS. CAT ....Neptune, Boston. 

CURTIS,- GEO. A. Prefi Eliot Fire, B «ton. 

DANFORTH, WM. S . Sec Old Col ny, Plymouth. 

DANIELS, J. W., - Howard Fire, L well. 

DAVIS, JOSHUA H.. Set ..United States,] 

DORR. A. C., Sec Lmeri on. 

EDDY. P. E., Sec Prescotr F. £ M.. Boston. 

FOSTEB ED., Sec Suffolk :on. 

MAX. EDMUND, Prea . ;ld F. and M.. Springfield. 

FREEMAN, N. I>. Sec Equitable Marine, Provincetown. 

BMAN P. W., Pres Bos :on. 

tDRICH, J - • Western Mass., PittsfiekL 

SAMUE Manufacturers stem. 

LEENE, FRANKL . Jr., Pi :-n. 

HALL, SANDFORD J., S , Spring 

HEYWOOD, SA 

HILLIAR" Marine, Provincetown. 

JENNEY, N. S., Sec. 

uMass., Pittsfield. 

KUH1 W S National, Be 

LATHROP, WILLIAM M - Eli - I item. 

FREDERICK G., Pres. Marine, Gloucester 

LUNT, JAMES H.. P:^ - 

MARSH, CHAS., Sec . . Hamden Fire. Spring-field. 

MERIAM, NATHANIEL M itile Marine, Boston. 

NELSON, WILLIAM, Pi s. ... Old Colony, Plymouth. 

NORTHEY, WM Sec Salem Marine, Salem. 

0SBO1 NE -"'. 7 , S Ne] tune, Boston. 

PAGE. JEREMIAH. Pre. Salem Marine, Salem. 

PITTS. CHAS L . Sec X". American Fire, Boston. 

PRATT. M C, Pres Lynn Mechanics F. & M., Lynn. 

PI ESSON, ALFRED Sec Gl : stc Marine, Gloucester. 

PUTNAM, CHAS. L . Pres Bay State, Worcester. 

PYNCHON, JOSEPH C Pres.. .Hamden Fire, Springfield. 

RHODES. AMOS. Sec Lynn Mechanics F. k M.. Lynn. 

ROGER-. D. C, Sec ray, Boston. 

R : >EES. S. G . Sec Fircmenf E jaton. 



INSURANCE DIRECTORY. XIX 

SHERMAN, E. F., Sec .' . .Traders & Mechanics, Lowell. 

SMITH, THOMAS C, Pres Merchants, Boston. 

STINSON, C. M., Sec f Shoe & Leather Dealers F. & M. 

( Boston. 

SWEBTSER, BEN J., Sec Washington, Boston. 

SWEETSER, ISAAC, Pres Washington, Boston. 

TEMPLE, W. P., Sec Dorchester Fire, Dorchester. 

WASHBURN, ED. R,; Sec Bay State, Worcester. 

WASHBURN, HENRY, Sec. . .Boston, Boston. 
WHITNEY, EDMUND B, Sec. .Franklin, Boston. 

WHITNEY, JAS. S., Pres Conway, Boston. 

WHITNEY, MICHAEL, Pres. . .Beverly, Beverly. 
WILLIAMS, ROBERT, Pres. . . .United States, Boston. 



8— OFFICERS OF MUTUAL FIRE A1ND MUTUAL 
FIRE AND MARINE COS. OF MASSACHUSETTS. 

AGER, GEO. B., Sec Boston Inland Mutual, Boston. 

ANDROS, R. S., Pres Alliance, Boston. 

BACON, FRANCIS, Pres China Mutual, Boston. 

BATES, ISAAC, Pres Boston Inland Mutual, Boston. 

BURNHAM, SIMEON, Pres. ... \ Gloucester Mutual Fishing, 

{ Gloucester. 

CLARK, JOHN, Pres Equitable Safety, Boston. 

CLARK, J. T., Sec Equitable Safety, Boston. 

COPELAND, W.'H. C, Sec. . .Alliance, Boston. 
DEBLOIS, GEORGE L., Sec. . .China Mutual, Boston. 

DELANO, J. C, Yice-Pres Pacific Mutual, New Bedford. 

HATHAWAY, THOS. S., Pres. Union Mutual Marine, N. Bedford. 

LORD, GEO. C, Pres N. England Mutual Marine, Boston. 

LYON, BENJ., Sec N. England Mutual Marine, Boston. 

NICKERSON, ENOS, Sec ( Atlantic Mutual F. & M., Prov- 

| incetown. 
PAINE, JOSHUA, Pres k Atlantic Mutual F. & M., Prov- 

) incetown. 

RICKETSON, B. T., Sec Pacific Mutual, New Bedford. 

RUSSELL, W. T., Sec Commercial Mutual, New Bedford. 

TABOR, HENRY, Pres Mutual Marine, New Bedford. 

TAYLOR, W. H., Sec Mutual Marine, New Bedford. 

TOWER, ABRAHAM H., Pres. ( Hingham & Cohasset Mutual 

{ Fishing, Cohasset. 
TOWER, ABRAIPM II , Jr., Sec ] Hingham & Cohasset Mutual 

{ Fishing, Cohasset. 
TRASK, JOSHUA P., Sec J Gloucester Mutual Fishing, 

( Gloucester. 

TUCKER, CHAS. R., Pres Commercial Mutual, New Bedford. 

WHEELER, SAM'L, Yice-Pres. .Equitable Safety, Boston. 
WOOD, BORDEN, Sec Union Mutual Marine, N. Bedford. 



XX INSURANCE DIRECTORY. 

9— OFFICERS OF MUTUAL FIRE INSURANCE 

COMPANIES IN MASSACHUSETTS. 

AMORY, WM„ Pies Manufacturers Mutual; Boston. 

ANDREWS, THOS. E., Sec Holliston Mutual, Bolliston. 

BALOII, JOHN, Pres Newbury port Mutual, Newburyp'rt. 

BASSET, WM, Pre? ( Boot & Shoe Manufacturers Mu- 

| tual, Lynn. 
BASSET, ZENAS D, Pros j Barnstable Co. Mutual, Yarmouth 

| Port. 

BATES, STEPHEN, Sec Quincy Mutual, Qnincy 

BEAN, GEO. W., Sec Lowell Mutual, Lowell. 

BILLINGS, H. W, Sec Conway Mutual, Conway. 

BINNEY, WM. C, Sec < Salisbury and Amesbury Mutual, 

\ Amesbury Mills. 

BLAKE, ELIJAH, Pros Mutual Fire, Springfield. 

BODM\N, LUTHER, Jr., Pres. .Conway Mutual, Conway. 

BONNEY, PELHAM, Sec State Mutual Fire, Boston. 

BOYNTON, DAVID, Sec Haverhill Mutual, Haverhill. 

BOYNTON, WM., Sec Farmers Mutual, Georgetown. 

BREED, ANDREWS, Sec Lynn'Mutual, Lynn. 

BROOKS, NATHAN, Sec Middlesex Mutual, Concord. 

BULLOCK, A. H., Pres ( Worcester Manufacturers Mutual, 

I Worcester 

BURNHAM, JOHN T., Sec Holyoke Mutual, Salem. 

CARPENTER, SAMUEL, Sec. $ Attleborough Mutual Fire, At- 

^ tleborough. 
CARR, JOHN C, Sec j West Newbury Mutual, West 

( Newbury. 
CHAPIN, CHAS. F., Sec. . . . . .Milford Mutual, Milford. 

CHAPIN, HENRY, Pres Peoples Mutual, Worcester. > 

CHASE, ANTHONY, Pres Worcester Mutual Fire. Worcester. 

CHASE, NATHAN D., Pres. . . .Lynn Mutual, Lynn. 

CHURCHILL, A., Pres Dorchester Mutual, Dorchester. 

CLARKE, THOS. J., Pres j Salisbury and Amesbury Mutual, 

( Amesbury Mills 

CLEVELAND, IRA, Sec Norfolk Mutual, Dedham. 

CLEVELAND, IRA, Sec Dedham Mutual, Dedham. 

COBB, BAXTER, Pres Abington Mutual Fire, Abington. 

COBURN, CHAS. B., Pres S Traders and Mechanics Mutual, 

\ Lowell. 

COOK E, HENRY, Pres South Danvers Mutual, S. Danvers. 

COOK, JOSIAH W., Pres Cambridge Mutual, Cambridgeport. 

CURRIER, AUG. N., Sec Peoples Mutual, Worcester. 

CUTTER, JOHN, Sec West ford Mutual, Westford. 

DAGGETT, JOHN, Pres j Attleborough Mutual Fire, Attle- 

( borough. 
DAVIS, ISAAC, Pres i Merchants and Farmers Mutual, 

/ Worcester. 

DEVINE, PATRICK, Sec Tri-Moimtain Ins. Co., Boston. 

DREW, E. C, Pres Eagle Fire, Boston. 

DUNHAM, HENRY J., Sec. . . .Housatonic Mutual, Stockbridge. 



INSURANCE DIRECTORY. XXI 

FAY, MARK, Pres Marlborough Mutual, Marlborough 

FELLOWS, J. K., Pres Lowell Mutual, Lowell. 

FIELD, ALBERT, Pres Peoples Equitable Mutual, Taunton. 

FIELD, GEO. G, Sec Union Mutual Fire, Boston. 

FIELD, JONATHAN E., Pres. . Housatonic Mutual, Stockbridge. 
GILLETT, EDWARD B., Pres. .Westneld Mutual, Westfield. 

GORHAM, LEWIS, Sec Mutual Fire, Springfield. 

GOULD, JESSE, Pres Chelsea Mutual, Chelsea. 

GRAY, SAMUEL, Sec Merrimac Mutual, Andover. 

GREGERSON, GEO., Sec City Mutual, Roxbury. 

GRIFFITH, N. H., Pres Groveland Mutual, Groveland. 

HALL, HARMON, Pres Saugus Mutual, Saugus. 

HALL, JOHN T., Sec Plymouth Co. Mutual, Plymouth. 

HALL, OSBORNE B., Sec Mechanics Mutual, Boston. 

HAMMOND, PARLEY, Sec. ... (Worcester Manufacturers Mu- 

{ tual, Worcester. 

HARDING, DAVID, Sec Hingham Mutual, Hingham. 

HERSEY, H. B, Sec Chelsea Mutual, Chelsea. 

HIGGINSON, WALDO, Pres. . . Arkwright Mutual Fire, Boston. 

HILL, PHILIP E., Sec Peoples Equitable Mutual, Taunton. 

HOBART, ENOCH, Pres Union Mutual Fire, Boston. 

HOVEY, JOSEPH. F., Pres State Mutual Fire, Boston. 

HOVEY, SOLOMON, Pres Mechanics, Mutual, Boston. 

HOWE, ABRAHAM F., Pres. . .Dedhara Mutual, Dedham. 
HOWE, ABRAHAM F., Pres. . .Norfolk Mutual, Dedham. 

KEYES, E. W r ., Sec Charlestown Mutual, Charlestown. 

KIRKLAND, HARVEY, Sec. ..Hampshire Mutual, Northampton. 
KITTREDGE, ALFRED, Pres . .Haverhill Mutual, Haverhill. 

KNAPP, J. J., Sec Newburyport Mutual, Newburyport. 

LADD, NATHANIEL, Sec Groveland Mutual, Groveland. 

LA F LIN, WALTKR, Pres Berkshire Mutual Fire, Pittsfield. 

LELAND, ALDEN, Pres Holliston Mutual, Holliston. 

LINCOLN, MARTI\ Pres Cohassett Mutual, Cohasset. • 

LINCOLN, SOLOMON, Pres.. . .Hingham Mutual, Hingham. 

LITTLE, SAMUEL, Pres Farmers Mutual, Georgetown. 

LORING, HOLLIS, Sec Marlborough Mutual. Marlborough. 

LATH HOP, J. Q. A , Sec Cohasset Mutual, Cohasset. 

LYMAN, SAMUEL F., Pres.. . . .Hampshire Mutual, Northampton. 

MACKINTTRE, E. P., Pres Charlestown Mutual, Charlestown. 

MANTON, E. E , Sec Boston Manufacturers Mutual, Bos. 

MATTOON, CHAS., Sec Franklin Mutual, Greenfield. 

MAYHEW, A. C, Pres Milford Mutual, Milford. 

MEADER, VALENTINE, Sec... (Boot and Shoe Manufacturers 

I Mutual, Lynn. 

MERRILL, SAMUEL, Pres Merrimack Mutual, Andover. 

MILES, CHAS M., Sec Worcester Mutual Fire, Worcester. 

MORTON, WM. S., Pres Quincy Mutual, Quincy. 

NEWHALL, WILBUR F., Sec. .Saugus Mutual, Saugus-. 

NICHOLS, GEO., Pres Essex Mutual, Salem. 

NICHOLS, JOHN H., Sec Essex Mutual, Salem. 

NICHOLS, JOHN H., Pres Salem Mutual, Salem. 

NICHOLS, CHAS. S., Sec Salem Mutual, Salem. 



XXU INSURANCE DIRECTORY. 

NOYES, JOHN N, Sec Abington Mutual Fire, Abingtoa. 

OSBORNE, GEO. A., Sec South Danvcrs Mutual, S. Danvers. 

OTIS, AMOS, Sec j Barnstable County Mutual, Yar- 

( mouth Port. 

PERKINS, JOHN, Pres Mutual Safety, South Reading-. 

RAND, ASA P., Sec Westfield Mutual, Westfield. 

READ, ZACCHEUS, Pres Westford Mutual, Westford. 

REED, SAMUEL H, Pres Franklin Mutual, Greenfield. 

RICHARD, ELIAS, Sec j Weymouth & Braintree Mutual, 

{ Weymouth. 

ROBINSON DEAN, Pres West Newbury Mutual, W. Newb'y. 

SHATTUCK, DANIEL, Pres. . .Middlesex Mutual, Concord. 
SHERMAN, E. F., Sec J Traders and Mechanics Mutual, 

{ Lowell. 

SHERMAN, GEO., Sec Eagle Fire, Boston. 

SMITH, T. H., Pres Tri-Mountain Ins. Co., Boston. 

SPARHAWK, E. C, Pres Citizens Mutual, Brighton. 

SPRAGHE, E. H., Sec Ackwright Mutual Fire, Boston. 

STODDARD, ISAAC N., Pres. . . Plymouth Co. Mutual, Plymouth. 

STORY, AUGUSTUS, Pres Holyoke Mutual, Salem. 

TAYLOR, WM. H., Pres Bristol Co. Mutual, New Bedford. 

TEMPLE, W. F., Sec Dorchester Mutual, Dorchester. 

TILLINGHAST, J AS. S., Sec. ..Bristol Co. Mutual, New Bedford. 

THAYER, HENRY, Sec Cambridge Mutual, Cambridgeport. 

THURSTON, ABEL, Sec Fitchburg Mutual, Pitchbuq 

TROWBRIDGE, S. W., Sec Citizens Mutual, Brighton. 

TUFTS, WILLIAM, Sec Massachusetts Mutual Fire, Boston. 

WALKER, JOHN A., Sec Berkshire Mutual, Pittsfield. 

WASHBURN, JOHN D., Sec. . . j Merchants and Farmers Mutual, 

| Worcester. 

WELLS, CHARLES, Pres Massachusetts Mutual Fire, Boston. 

WHITE, ELLIOTT L., Pres. . . . j Weymouth & Braintree Mutual, 

( Weymouth. 
WILLIAMS, AARON D., Pres. .City Mutual, Roxbury. 

WILLIS, WM. H., Sec Mutual Safety, South Reading. 

WOOD, NATHANIEL, Pres. Fitcbburg Mutual, Fitchburg. 



-£V 



10-MASSACHUSETTS-OFFICERS OF LIFE INS. COS. 

BACON, F. B., Sec Mass. Mutual Life, Springfield. 

CHICKERING, BEN J., Sec. . . .Berkshire Life, Pittsfield. 

DAYIS, ISAAC, Pres State Mutual Life, Worcester. 

HALE, MOSES L., Sec Mass. Hospital Life, Boston. 

HARRIS, CLARENDON, Sec. .State Mutual Life, Worcester. 
HOOPER, ROBERT, Vice Pres Mass. Hospital Life, Boston. 
PHILLIPS, WILLARD, Pres... .New England Mutual Life, Boston. 

PLUNKETT, Thos. P. Pres Berkshire Life, Pittsfield. 

RICE, CALEB, Pres Mass. Mutual Life, Springfield. 

STEVENS, BENJ. T., Sec New England Mutual Life, Boston 



XXlll INSURANCE DIRECTORY. 

11-PENNSYLVANIA-OFFICERS OF FIRE, MARINE, 
AND INLAND INS. COS. IN PHILADELPHIA. 

ALVORD, JAMES B., Sec Girard Fire. 

ANDRESS, CONRAD B., Pros. United Firemens' Ins. Co. 
BANCKER, CHARLES N., Pres.Franklin. 
BLACKBURN K, FRANCIS, Sec.PmTadclphia Fire & Life. 
BLANCH ARD, WM. J., Sec... .Fame. 
BONSALL, JEREMIAH, Pres. .Exchange F. and J. 

BUCK, FRANCIS. N., Pies Fame. 

BUTLER, WM. T., Sec Fire Association. 

CADWALADER, GfcO., Pros .. .Mutual Insurance. 

CHAPMAN, T. E., Sec Mutual. 

COE, RICHARD, Sec Exchange, F. & I. 

COFFIN, ARTHUR G., Pres. . .Ins. Co. of North America 
COLEMAN, PHILIP E., Sec ..Jefferson. 
COLLISON, JOSEPH, Sec... . . .Union Mutual, 

COMLY, WATSON, Sec ( Mutual of Phila., Montgomery, & 

{ Bucks Counties. 

COOPER, FRANCIS, Pres Mechanics. 

COXE, CHAS. W., Sec Enterprise. 

CRAIG, WILLIAM, Pres American Mutual. 

CRAWFORD, A. 0. L., Sec American Fire. 

CROWELL, WM. G., Sec Pennsylvania Fire. 

DALE, EDWD. O, Vice Pres... .Franklin. 

DEAN, WM. F., V. Pres Anthracite, F. M. & I. 

DOHNERT, JNO. H, Pres Spring Garden. 

ERETY, GEORGE, Pres Jefferson. 

ESHER, JACOB, Pres Anthracite, F. M. & I. 

FAGEN, WM. II., Sec United Firemens. 

GILLETTE, A. P., Vice Pres. & Treas. .Girard Fire. 
GINNODO, JNO. Q., Yice Pres. Exchange Insurance, F. & I. 
HAND, THOS. O, Vice Pres. . . .Delaware Mutual Safety. 

HARPER, WILLIAM, Sec Ins. Co. of State of Pa. 

HINCHMAN, B. M., Sec Reliance Mutual. 

HOECKLEF, BENJ. F., Sec. and Treasurer Countyof Philadelphia. 
JAYNE, DAVID, Pres $ Commonwealth Ins. Co. of State 

) of Pa. 

JONES, C. THOMPSON, Pres. .Mutual of Roxboro. 

KING, R. P, Pres Piladelphia Fire & Life. 

KRUMBHAAR, LEWIS, Sec. . .Spring Garden. 
LEHMAN, BENJAMIN, Pres. . .Mutual of Germantown. 
LEWIS, DAVID, Sec. & Treas. . . Mutuul Assurance. 

LYLBURN, HENRY, Sec Delaware Mutual. 

MALONE, BENJ. Pres Mutual. 

MARIS, THOS. R, Pres American. 

MARTIN, WILLIAM, Pres Delaware Mutual. 

McALLISTER, J AS-. W., Sec. p. t.Franklin. 

MOON, SAML. S., Sec Commonwealth. 

MOONEY, WILLIAM, Sec Manufacturers. 

PATTERSON, JONATHAN, Pres.Pennsylvania. 

PL ATT, CHAS., Sec Ins. Co. of North America. 



IXSUEAXCE DIRECTORY. XXIV 

POTTS, PERCIYAL, Sec Kensington. 

RAFFERTY, BERNARD, Sec. .Mechanics. 

RHODES, WM. A., Pres Manufacturers. 

RICHARDSON, CHAS., Y. Pres.Fame. 

ROLIN. WM. A, Treas United Firemeus 

SANDERSON, J. P., Sec Mutual of Roxborough. 

SHALLCROSS, ISAAC, Sec. . . .Mutual of Frankford. 

SHERRERD, H Y. D., Pres Ins. Co. of State of Pa. 

SMITH, J. SOMERS, Sec. &Tre?.Philadelphia Contributionship. 

SMITH, RICHD. S., Pres Union Mutual. 

SMITH, WM. M., Sec Anthracite. 

STARR, F. RATCHFORD, Pres Enterprise. 

STACY, D B., Sec .'American Mutual, 

STOKES, AY. H., Sec Mutual of Germantown. 

SUTTER, CHS. J., Pres County of Philadelphia. 

TINGLE Y, CLEMENT, Pres. .. .Reliance Mutual. 

TRYON, GEO. W., Pres Fire Association. 

WALLACE, JOHN R., Pres.. .. Phcenix Mutual. 
WHITALL, JNO. M., V. Pres... j Commonwealth Ins. Co. of State 

| of Pa. 

WILCOX, SAMUEL. Sec Phoenix Mutual. 

WISE. CHARLES. Vice Pres... .Manufacturers 
WOODWARD, GEO. W., Pres. .Girard Fire. 



12-OFF1CERS OF JLIFE INSURANCE COMPANIES IN 
PHILADELPHIA. 

CRAWFORD,STEPHENR., Pres.United States Life and Trust. 

DUTILH, CHARLES, Pres Pennsylvania Life. 

HILL, WM. B., Actuary Pennsylvania Life. 

HORNER, JNO. W.. Sec. & V. P.Pcnn Mutual Life. 
HUNTER, JAS. R.. Sec. &. Tres.United States Life and Trust. 
JAMES, JOHN F., Actuary and 

Treas . . Girard Life. 
RIDGWAY, THOMAS, Pres. . . .Girard Life. 

SIMS, JNO. G, Actuary American Life and Trust. 

TRAQUAIR, JAMES ,Pres Penn Mutual Life. 

WHILLDIN, ALEX., Pres American Life & Trust. 

WILSON, JNO. S., Sec American Life & Trust. 

WORK, SAMUEL, Yice Pres... .American Life & Trust, 



13-INSURANCE AGENTS IN PHILADELPHIA. 

BARDENWERPER, (Atlantic and New Amsterdam 

{ Fire. N. Y. 
BOSWELL & WILSON (".Etna Fire, 

J Merchants, 

| North American, of Hartford, 

[ Springfield F. and M. 



INSURANCE DIRECTORY; XXV 

GETTY, WILLIAM ( New England Mutual Life, 

•< Arctic, Continental, and 
( Niagara Fire, New York. 

HOLBROOK, LEWIS & CO. . . International Life of London. 

JONES & STERLING Goodhue Fire, N. Y. 

LANCASTER, THOS. J fNew York Life, Equitable, F. 

I and M., Prov., Fulton, Germa- 
\ nia, Hanover, and Lorillard Fire, 
{ of N. Y 

LOWRY, ROBERT New World & Republic Fire, N. Y. 

ROOD, H. E. . C Penn of Pittsburgh, Charter 

-j Oak Fire, Hartford, and Hamp- 
( den Fire, Springfield. 

SABINE & DU Y f Union Mutual Life, of Augusta, 

| Me., Home Fire, New Haven, 
I Hope, Humboldt, Manhattan, & 
1 Metropolitan Fire, N. Y., Provi- 
I dence Washington, Prov., and 
[ Phoenix Fire, Hartford. 

SHERRERD, WM. D f Home Fire, N. Y r ., Hartford Fire, 

I Lamar, Market, Security and 
1 Standard Fire, N. Y., and Unity 
[of London. 

SMITH, RICHARD S Liverpool & London Fire & Life. 

STARR, F. RATCHFORD Mutual Life, N. Y. 

WHITALL, WM f Lycoming Co., Mutual of Mun- 

| sey, Pa. 

WOOD, GEORGE Royal, Liverpool, England. 

WADLEIGH, ALBRA $ Connecticut Mutual Life, Hart- 

[ford. 



OFFICERS OF STOCK CAPITAL COMPANIES IN NEW 
YORK STATE. 

BLOOMFIELD, ROBT., Pres... . (Farmers' Joint Stock Ins. Co., 

\ Meridian. 

BREWSTER, DAVID P., Pres. .Northwestern Ins. Co., Oswego. 
GROESBECK, STEPHEN, Sec.Albany Ins. Co., Albany. 
LANSING, GERIT Y., Pres. . . .Albany Ins. Co., Albany. 

LUDLOW, SAML. B., Sec North Western Ins. Co., Oswego, 

RICE, JOHN H , Sec City Fire Ins. Co., Albany. 

TILLINGHAST, WM., Pres Albany City Fire Ins. Co., Albany. 

VAN ALLEN, ADAM, Pres Commerce Ins. Co., Albany. 

VAN ALLEN, G. A., Sec Commerce Ins. Co., Albany. 

WEST. ABEL., Sec j Farmers' Joint Stock Ins. Co., 

Meridian. 



XXVI 



INSURANCE DIRECTORY. 



U— AUTHORISED AGENTS IN MASSACHUSETTS FOR 
OTHER STATE AND FOREIGN COMPANIES. 



Allen. James G. 

Allen. Nathaniel K. 
Apthorpe & Bachelder. 
Archer, Wm.. Jr. 
Bacou, Joseph X. 
Bean. George W. 
Billings. H. W. 
Blatchford, John S. 
Brewster. Oliver. 
Bndgman, H. A. 
Brown, Henry A. 
Brown, Henry F. 



Bullock, A. II. 

Burge, Lorenzo. 

Burnham. Edward. 
Burt, Augustine. 

Carter, B. F. 

Chadwick, A. C. 
Cbase. G. Wingate. 
Child, S. A. & Co. 
Collins. Gamaliel. 

Col' on. Samuel II. 

Cooke, James. 

Cowles, Brown & Co. 

Daniells, J. W. 
Davenport, S. D. 
Danforth. W. S. 
Dawes & Porter. 

Dawes. H. L. 
Deiby. John H. 



Charter Oak Fire of Hartford, j 
Home of New York. \ 

Merchants of Hartford. 
Atlantic of Brooklyn. 
Thames of Norwich. 
Thames of Norwich. 
Charter Oak of Hartford. 
Thames Fire of Norwich. 
Merchants of Sew York. 
Northern of London. 
City Fire of New Haven. 
City Fire of New Haven. 
Thames Fire of Norwich. 
f .Etna of Hartford. 
' Home of New York. 
1 Hartford of Hartford. 
\ New England of Hartford. 
| North American ot Hartford. 
[ Providence Washington. Prov. 
\ Phoenix Fire of Hartford. 
| New England F. & M.. Hartford. 

Atlantic F. & M.. Providence. 

Home of New Haven. 
f Thames Fire of Norwich. 
J Home of New Haven. 
1 Home of New York. 
[Hartford of Hartford. j 

\ City Fire of New Haven. I 

| Norwich ot Norwich. 

City Fire of New Haven 
j Home of New Haven 



Palmer. 

Salem. 

Boston. 

Salem. 

Newton. 

Lowell. 

Conway. 

Boston. 

Boston. 

Amherst. 

Boston. 

Bromfield. 



Worcester. 



Boston. 

Gloucester. 
Springfield. 



1 
[ Newburyport. 



Lawrence. 

Haverhill. 

- Fitchburgh. 



Palmer. 



New Eugland F. & M., Hartford. \ 

Thames Fire of Norwich, 
f American Exchange of N. Y. ") 
| City Fire of Hartford. 

-j City Fire of New Haven. 1- Worcester, 

i Home i if New Haven. 
[Norwich of Norwich. J 

j City Fire of Hartford. I 

"( Thames Fire of Norwich. ) 

j City Fire of New Haven. I 

j Lafayette of Brooklyn. \ 

j Home of New York. I 

j Phoenix of Hartford. ) 

City Fire of Hartford. 
\ Home of New Haven. I 

( Phoenix of Hartford. \ 

Northern of London. 

Home of New York. ) 

.(Etna of Hartford. j 



Lowell. 



Boston. 



Lowell. 
Hop king ton. 
Plymouth. 
North Adams. 
[-North Adams. 



[ New England F. & M.. Hartford. ] 

| Hartford of Hartlord. 'Salem. 

| Home of New Haven. 

[ City Fire of Hartford. J 



INSURANCE DIRECTORY. 



XXV11 



De Land, L. P. 



Dobson & Jordan. 



Elliot, Win. 

Ellis, Win. F. 
Falkner, W. 

Folsom, Jeremiah S. 

Gillett, E. B. 



Goodell, Walter, 



Gordon, Geo. W. 

Grinnell, Lawrence. 

Guild, Chss E. 
Hall, John T. 
Hichcock, J F. 
Higginson, Stephen. 

Hill, Geo. W. 
Hill, Philip E. 



Hobart, Arthur W. 

Hobbs, Geo. W. 

Holbrook, Leander 

Holden, F. F. 
Holman, P. W. & Co. 

Hood, Wm. J. 

Hovey, Jas. F. 

Howe, Samuel E. 

Howland, Freeman P. 



City Fire, New Haven. 

Home of New York. 

Humboldt of New York. 

Irving of New York. 

Lamar of New York. 

Manhattan of New York. 

Merchants of New York. 

Metropolitan of New York. 

Fulton of New York. 

North American of New xork 

Security of New York. 

Charter Oak of Hartford. 

City Fire of Hartford. 

Thames of Norwich. 

City Fire, New Haven. 

City Fire, New Haven. 

Home, " '• 

Home, New York. 

iEtna Fire, Hartford. 

Charter Oak. F. M. " 

Home, New Haven. 

Home, New York. 

Merchants, Hartford. 

Hartford Fire. " 

New England, F. & M., Hartfd. | 

Phoenix Fire, 

Thames, Norwich. 

Liverpool & London F. & L. 

London, Eng. 
Liverpool & London. F. & L. 

London, Eng. 
Standard, New York. 
Home, New York. 
Thames Fire, Norwich. 
Royal, Liverpool, Eng. 
Home, New Haven. 
N. American Fire, Hartford. 
Atlantic F. & M., Providence. 
City Fire, New Haven. 
Home. New York. 
Hartford Fire, Hartford. 
Arctic Fire, New York. 
Howard, " " 

Indemnity, " " 
Niagara Fire, " " 
Phoenix Fire, Brooklyn, N. Y. 
City Fire, New Haven. 
City Fire, New Haven. 
Home, " " 
Germania Fire, New York. 
Merchants F. & M., Providence 
City Fire. New Haven. 
R;ger Williams, Providence. 
North American. Philadelphia. 
City Fire, New Haven. 
Home, New York. 
Hope, Providence. 
Home, New Haven. 



N. Brookfield. 



-Boston, 



I Greeafield. 

Ashland. 
Grafton. 

- Lowell. 

Westfield. 



y Haverhill, 



!■ Boston. 

>- New Bedford. 

Boston. 
Plymouth. 
Warren. 
Boston. 

Taunton. 



J 

1 

]■ Taunton. 



1 
i 
[ Boston. 

I 



Uxbridge. 

j- Milford. 

Boston. 
Boston. 

y Somerset. 

Boston. 



PittsSeld. 



Abington. 



xxvm 

Howland, S. A. 
Hnrlburt, A. G. 

Hutchings, W. Y. 

Jennings, Geo. 
Johnson, W. F. 

Jones, Orrin. 

Joplin, Wm. D. 

Kent &, Parsons. 
Ladd, C. R. 

Ladd, R. E. 

.Lincoln, Wm. 

Lyons, Samuel J. 

Marsh, Robert G. 
Mason, Chas. 
Merrill, Arthur. 

Nichols, John H. 

Norris, H. A. & Co. 
Parker, George G. 
Phelps, James T. 

Plummer, Farnham. 

Putnam, Chas. L. 

Rand, A. P. 

Reed & Hastings. 
Remington, Hale, 

Rice, Chas. W. 



Insurance directory. 



Charter Oak. F. & M., Hartford. Worcester. 



New York. 



[Lee. 



Boston. 

Newton. 
Lynn. 

Westfield. 

Lawrence. 

Boston. 
Springfield. 



' Continental, 

Standard, " 

Lamar Fire, " " 
- N. American Fire, Hartford. 

Phoenix Fire, Brooklyn, N. Y. 

Security " New York. 

Unity Fire, London, Eng. 
( Delaware Mutual Safety, Phila. 
-j Goodhue Fire, New York, 
( Mercantile Fire, '■ " 

Thames Fire, Norwich. 

Hartford Fire, Hartford, 
j City Fire, Hartford, 
I New Eng., F. & M., Hartford. 

Thames Fire, Norwich. 

{American Exchange, N. York. 
Charter Oak, Hartford. 
City Fire, 
j Norwich Fire, Norwich. 
{ Thames, " " 

f Atlantic, F & M., Providence. 
| yEtna Fire, Hartford. 

j Charter Oak, F. ft M., " 
"j City Fire, " 

| Home, New York. 
[ Hartford Fire, Hartford. 
( City Fire, New Haven. 
J Home, '• 
( Norwich Fire, Norwich. 
(yEtna Fire, Hartford, 
-j Home, New York. 
( Hartford Fire. 

Home, New Haven. 

Home, New York. 

Home, New York. 
j Connecticut Fire, Hartford. 
( Continental, New York, 
f yEtna, of Hartford. 
| Atlantic, F. & M., Providence. 
-{ City Fire, New Haven. 
| Home, New York. 
[ Niagara, New York. 

Northern, London. 

Hope of Providence, Milford. 

Columbia Fire of New York. 

TEtna of Hartford. 

Hartford ot Hartford. 

Providence Washington of Prov. Worcester, 
j yEtna of Hartford. ) 

'( Home of New Haven. j 



Springfield. 



Warren. 



Greenfield. 






I Holyoke. 
Fitchburg. 
Boston. 



Salem. 



Boston. 
Milford. 
Boston. 

Boston. 



Westfield. 



( Atlantic F. & M. of Providence, j 

-j Home of New Haven. V Boston. 

( North American of New York. ) 

City Fire of New Haven. Fall River. 

f City Fire of New Haven. "] 

J Home of New Haven. [ <a™.;„«fi<»i;i 

] Manhattan Fire of New York, j" & P riD g neia < 
[Providence Washington, Prov. J 



INSURANCE DIRECTORY. 



XXIX 



Ripley, George. 

Robinson, E. C. 
Skinner, E. S. 

Slade, John P. 



Smith, Wooster. 
Stacy, S. A. 

Swan, D. S. 

Taylor, Stephen. 

Thacher, Wm. S. 



Thayer & Peck. 

Trowbridge, S. W. 
Thurston, Abel. 



f^tnaof Hartford. 

Hartford of Hartford. 

North American of Hartford. 
[ New England F. & M., Hartford. 
( Hartford of Hartford. 
) Phoenix of Hartford. 
( iEtna of Hartford. 

Goodhue of New York. 

Northern of London. 
f Home of New York. 

Atlantic F. & M. of Providence. 

Charter Oak F. & M., Hartford. 

City Fire of Hartford. 

Home of New Haven. 

Merchants of Hartford. 

New England of Hartford. 

North American of Hartford. 
[ Norwich of Norwich. 

Charter Oak F. & M., Hartford. 

Home of New Haven. 
j Atlantic F. & M., Providence. 
| City Fire of Hartford. 

City Fire of New Haven. 

Lorillard of New York. 

Market of New York. 

Resolute of New York. 
f JEtna of Hartford. 

Charter Oak F. M., Hartford. 

City Fire of Hartford. 

Home of New York. 

Hartford of Hartford. 

New England of Hartford. 

Atlantic F. & M., Providence 

Home of New Haven. 

Hartford of Hartford. 

Home of New York. 

Atlantic F. & M., Providence. 

JEtuo, of Hartford. 

City Fire of New Haven. 

Home of New Haven. 
Tillinghast, Joseph S. -{ Hartford of Hartford. 
| Merchants of Hartford. 

New England F. & M., Hartford. 

North American of Hartford. 

Norwich of Norwich. 

Providence Washington, Prov. 

Home of New Haven. 

Charter Oak F. & M., Hartford. 

City Fire of New Haven. 

City Fire of Hartford. 

Home of New Haven. 

Phoenix of Hartford. 
f Hope of Providence. 
I Merchants F. & M., Providence. 
-j Norwich of Norwich. 
j Providence Washington, Prov. 
[ Roger Williams Co., of Prov. 

Hope of Providence. 
j Lafayette of Brooklyn. 
1 Norwich of Norwich. 



Turning, Thomas. 
Upton, Daniel. 

Van Campen, H. 



Ward, J. H. & Co. 

Washburn, Jno. D. 
Webster. D. W. 



1 

[■ Lowell. 



Monson. 



Lee. 



Fall River. 



Newbmyport. 
Gloucester. 

Lawrence. 

Fitchburgh. 

Boston. 



£■ Northampton. 



Brighton. 
Fitchburgh. 



}■ New Bedford. 



Great Barrington. 
Adams. 



New Bedford. 



Boston. 



Worcester. 
Havei hill. 



XXX 



INSURANCE DIRECTORY. 



Whitaker, E. D. 

White, Nathan 7 ! G. 
Whitney & Stephens. 

Williams, Sydney. 

Wood, A. L. 

Woodbury, Jno. P. 
Woods, Edwin. 



( Home of New Haven. 

j New England F. & M., Hartford. 

Hartford of Hartford. 

Park of New York. 
(.Etna of Hartford. 
J New England. F. & M., Hartford. 
( Phoenix of Hartford. 
( Commerce of New York. 
■I Germania Fire of New York. 
( Hanover of New York. 

Home of New York, 

City Fire of New Haven. 



North Adams. 

Lawrence. 
Boston. 

Taunton. 



Boston. 

Lynn. 
Bane. 



15— AGENTS IN BROOKLYN. 



Cowles, B. H. 
Davenport, John J. 
(Davenport & Belk- 
nap ) 

Davenport, A B. 

Foster & Loper. 

Hardy, Geo. J. 

Havens. Joseph. 
Oakley, John K. 



For Manhattan Fire. N. Y 



- For Continental. N. Y. 



( 

f For Washington Fire, N. Y. 
, .Etna of Hartford. 
1 Hartford, of Hartford. 
1 N. America, of Hartford. 

For Lamar, of N. Y. 
( For Home, of N. Y. 
- •• Equitable Life. N. Y.. 
( " Standard. N. Y. 

For Hampden, of Springfield. 
{ For City of New Haven, 
j .E'na/of New York. 



13 Court St. 



- 2 Montague St. 



>- 24 Court St. 



4 Sands St. 

14 Court St. 

315 Fulton Avenue. 
1C Court St. 



ATTORNEYS APPOINTED IN NEW YORK STATE FOR 
FIRE AND FIRE AND MARINE INSURANCE COMPANIES 
OF OTHER STATES, FOR 18G2. 



Name of Company. Where Located. Name or Attorney. Residence. 



.Etna. 

American. 

American. 

American Fire. 

Atlantic Fire and Marine. 

City Fire. 

City Fire. 

Connecticut Fire. 

Delaware Mutual Safety. 

Eliot Fire. 

Franklin Fire. 

Hampden Fire. 

Hartford Fire. 

Home. 

Hope. 

Jersey City. 

Manufacturers. 



Hartford. Jas Watson WilliamsUtica. 

Boston. Asa Bigelow. Jr. New York. 

Providence. Asa Bigelow. Jr. " 

Philadelphia. Samuel G. Walker. li 

Providence. John T. Seeley. " 

Hartford. B. P. Learned. Albany. 

New Haven. M. L. Crittenden. 

Hartford. Ezra White. New Yorix 

Philadelphia. D. P. Riesch. 

Boston. Asa Bigek w, Jr. " 

Philadelphia. James H. Bancker. " 

Springfield. John T. Se&ley. 

Hartford. B. P. Learned. Albany. 

New Haven. Fred'k N. Satterlee.New York. 

Providence. John C. Cole. Troy. 

Jersey City. Robert C. Ratbbone.New York. 

Boston, Asa Bigelow. Jr, 



INSURANCE DIRECTORY. 



XXXL 



Name of Company. 


Where Located- 


Name of Attorney. Resident 


Massasoit. 


Springfield. 


James F. Crosby. 


Albany. 


Merchants. 


Boston. 


Asa Bigelow, Jr. 


New York. 


Merchants. 


Hartford. 


Edwin Sofford. 


Albany. 


Merchants. 


Providence. 


Asa Bigelow, Jr. 


New York. 


National. 


Boston. 


it a a 


" 


North American Fire. 


Boston. 


a a a 


" 


North American Fire. 


Hartford. 


Joseph F. Winne. 


Albany. 


Norwich Fire. 


Norwich. 


B. P. Learned. 


i - 


Phoenix. 


Hartford. 


it a a 


a 


President & Directors Ins. Co. 

of North America. Philadelphia. 


James Sterling Ho1- V t v^„%. 
v , , ° iNew York. 
linshead. 


Providence. Washington. 


Providence. 


Asa Bigelow, Jr. 


" 


Springfield Fire & Marine. 


Springfield. 


R. M. Hamilton. 


Albany. 


Thames Fire. 


Norwich. 


Edwin T. Rice. 


New York. 


Western Massachusetts. 


Pittsfield. 


Joseph F. Winne. 


Albany. 



AGENTS OF INSURANCE COMPANIES OF OTHER 
STATES CERTIFIED BY INSURANCE SUPERIN- 
TENDENT IN NEW YORK STATE, FOR 1862. 
No. 1.— ^ETNA INSURANCE COMPANY OF HARTFORD, CONN. 

Name of Agent.. 

James A. Alexander, 
John Adams, 
William F. Aldrich, 
E. W. Armes, 
Oliff Abell, 
William Andrews, 
Joseph S. Avery, 
Dcrick L. Boardman, 
Charles B. Benedict, 
H. N. Bushnell, 
David M. Bennett, 
0. W. Brown. 
D. 0. Baker, 
Bigelow & Thomson,' 
Eben Bean, 
Alfred Cary, 
C. S. Clay, 
Morris Chase, 
William H. Child?, 
A. O. Comstock, 
Walter Cross, 

Thomas C. Cornell, 

Henry Churchill, 

M. Lewis Clark, 

Lorenzo D. Dana, 

A. B. Davenport, 

Ebtmezer P. Dorr, 

Richard A. Elmer, 

J. W. Eddy, 

Sireno French, 

Charles Foster, 

Jerome M. Gray, 

Joseph R. Gilbert. 

Aaron Griswold, 

Danl 1 B. Goodwin, 

Charles S. Hall. 

Sterling G. Hadley, 



iCE of Residence. 


County. 


New York City, 


New York. 


Lyons. 


Wayne. 


Palmyra, 


Wayne. 


Aurora, 


Cayuga. 


Whitehall, 


Washington. 


Homer, 


Cortlandt. 


Clinton, 


Oneida. 


Rome, 


Oneida. 


Attica, 


Wyoming. 


Holley, 


Orleans. 


Watertown, 


Jefferson. 


Oswego, 


Oswego. 


Auburn, 


Cayuga. 


Corning, 


Steuben. 


Skaneatales, 


Onondaga. 


Fort Plain, 


Montgomeiy. 


Kingston, 


Ulster. 


Lowville, 


Lewis. 


Niagara Falls, 


Niagara. 


Le Roy. 


Genesee. 


Fultonville, 


Montgomery 


Yonkers, 


Westchester. 


Gloversville, 


Fulton. 


Middletown, 


Orange. 


Morrisville, 


Madison. 


Brooklyn, 


Kings. 


Buffalo, 


Erie. 


Waverly, 


Tioga. 


North White Creek, 


Washington. 


Lima, 


Livingston. 


Cortlandt, 


Cortlandt. 


Hamilton, 


Madison. 


Ellenville, 


Ulster. 


Clyde, 


Wayne. 


Water ville, 


Oneida. 


Binghampton, 


Broome. 


Waterloo, 


Seneca. 



XXXli 



INSURANCE DIRECTORY. 



Name of Agent. 

Robert M. Hamilton, 
Lewis Hasbrouck, 
P. N. Huntington, 
Henry A. King, 

D. A. King, 
William L. Knowles, 
P. D. Livingston, 
Josiah C. Miller, 
Josiah T. Miller, 
George G. Moss, 
William L. Mudge, 
Augustus E. Norton, 
Zephaniah C. Piatt, 
O. W. Palmer, 

P. W. C. Peck, 

F. H. Page, 

Rockwell Putnam, 

W. R. Post, 

John H. Poultney, 

Philo Read. 

F. M. St. John, 

Oliver Stark, 

Brown Stafford. 

Henry C. Schell, 

Holmes W. Sweezey, 

Charles Shepard, 

George G. Street. 

William C. Stevens, 

Otis Stillman, 

S. H. Slauson, 

George W. Schuyler, 

Isaac Tice & B. D. Jacockes, 

B. A. Tillingbast. 

Peter Van Schaack, 

Levi A. Ward. 

William F. Warner, 

E. Kirby West, 

James Watson Williams, 
Harry Wilbur, 



Place of Residence. 

Albany, 

Ogdensburgh, 

Malone, 

Albion. 

Pulaski, 

Pottsdam, 

Moravia, 

Hornellsville, 

Seneca Falls, 

Lockport. 

Haspersville, 

Gouverneur, 

Pittsburgh, 

Elmira. 

Mexico, 

Westport, 

Saratoga Springs, 

South Hampton, 

Hudson, 

Little Falls, 

Monticello, 

Penn Yan, 

Canajoharie, 

Geneva, 

Port Jefferson, 

Dansville, 

Newburgb, 

Fulton, 

Dunkirk. 

Syracuse. 

Ithaca. 

Poughkeepsie, 

Troy, 

Kinderhook, 

Rochester, 

Owego, 

Baldwinsville, 

Utica, 

Batavia, 



County. 

Albany. 

St. Lawrence. 

Franklin. 

Orleans. 

Oswego. 

St. Lawrence. 

Cayuga. 

Steuben . 

Seneca. 

Niagara. 

Broome. 

St. Lawrence. 

Clinton. 

Chemung. 

Oswego. 

Essex. 

Saratoga. 

Suffolk. 

Columbia. 

Herkimer. 

Sullivan. 

Yates. 

Montgomery. 

Ontario. 

Suffolk. 

Livingston. 

Orange. 

Oswego. 

Chautauqua. 

Onandaga. 

Tompkins. 

Dutchess. 

Rennsselaer. 

Columbia. 

Monroe. 

Tioga. 

Onondaga. 

Oneida. 

Genesee. 



No. 2.— AMERICAN FIRE INSURANCE COMPANY, PHILADELPHIA, PA. 

Name of Agent, Place of Residence. CouNTr. 

Samuel G. Walker, New York, New York. 

No. 3.— AMERICAN INSURANCE COMPANY OF BOSTON, MASS. 
Name of Agent. Place of Residence. County. 

Asa Bigelow. Jr.. New York. New York. 



No. 4.— AMERICAN INSURANCE COMPANY OF PROVIDENCE, R. I. 
Name of Agent. Place of Residence. County. 



Asa Bigelow, Jr., New York. 

John C. Cole r Troy, 

Daniel Anthonv, Rochester, 

H. Chambers, * Buffalo, 

North Western Insurance Co. Oswego, 



New York. 

Rennsselear. 

Monroe. 

Erie. 

Oswego. 



INSURANCE DIRECTORY. 



XXX11L 



No. 5.— ATLANTIC FIRE AND MARINE INSURANCE COMPANY OF 
PROVIDENCE, R. I. 
Name of Agent. Place of Residence. County. 

Seeley & Parsons, 
James F. Crosby, 
John C. Cole, 
Milton H. Thomson, 
Rounds & Hall, 
Levi A. Ward, 
J. B. C. Morris, 
L. C. Mann, 

D. M. Chapin. 
Orrin Robinson, 
George G. Moss, 
Dada & Sawyer, 
John R. Baker, 
Thomas Stewart, 

No. 6.— CITY FIRE INS 
Name of Agent. 
Elisha Peck, 

E. P. Wate, 
W. D. Meigs, 
Lyon & Francis, 
J. J. Marlet. 
Daniel Morse, 
Beebe & Rice, 
0. Stillman, 
Lyman Garfield, 
Levi A. Ward, 
Sheldon Clark, 
Thomas G. Perkins, 
Joseph Lee, 
Mann & Olmsted, 
S. S. Congdon, 
O. W. Palmer, 
G. W. Fay. 

C. Moore, 
H. N. Ridway, 
Edward Stoddard, 
E. D. Smith, 
Charles Crandall, 
J. P. Ballard, 
Elizur Hart, 
Worthy Curtiss, 

D. M. Van Camp, 
J. B. Foster, 
John K. Oakley, 
Robert W. Palmer, 
G. W. Fay, 
Edward Stoddard. 

E. D. Smith, 

C. Morse, 
H. N.Redway, 
Charles Crandell, 
J. B. Ballard, 
Elizur Hart, 
Worthy Curtiss, 

D. M. Van Camp, 
Ambrose Heyde, 
J. B. Foster. 
John K. Oakley, 
Robert W. Palmer, 



New York, 


New York. 


Albany, 


Albany. 


Troy, 


Rennsselaer. 


Utica, 


Oneida. 


Buffalo, 


Erie. 


Rochester, 


Monroe. 


Oswego, 


Oswego. 


Auburn, 


Cayuga. 


Ogdensburgh, 


St. Lawrence. 


Elmira, 


Chemung. 


Lockport, 


Niagara. 


Fulton, 


Oswego. 


Watertown, 


Jefferson. 


Amsterdam, 


Montgomery. 


lNCE COMPANY, 


NEW HAVEN, C 


de of Residence. 


County. 


New York, 


New York. 


Rome, 


Oneida. 


Albany, 


Albany. 


Utica, 


Oneida. 


Schenectady, 


Schenectady. 


Lockport, 


Niagara. 


Watertown, 


Jefferson. 


Dunkirk, 


Cbatauqua. 


Troy, 


Rennsselaer. 


Rochester, 


Monroe. 


Saratoga Springs, 


Saratoga. 


Buffalo, 


Erie. 


Little Falls, 


Herkimer. 


Auburn. 


Cayuga. 


Schaticake, 


Rennsselaer. 


Elmira, 


Chemung. 


Oswego, 


Ticga. 


Geneva, 


Ontario. 


Pottsdam, 


St. Lawrence. 


Ithaca, 


Tompkins. 


Hornellsville, 


Steuben. 


Cazenovia, 


Madison. 


Syracuse, 


Onondaga. 


Albion, 


Orleans. 


Niagara Falls, 


Niagara. 


Kima, 


Livingston. 


Dansville, 


St 


Brooklyn, 


Kings. 


Middletown, 


Orange. 


Owego, 


Tioga. 


Ithaca, 


Tompkins. 


Hornellsville, 


Steuben. 


Geneva, 


Ontario. 


Pottsdam, 


St. Lawrence 


Cazenovia, 


Madison. 


Syracuse, 


Onondaga. 


Albion, 


Orleans. 


Niagara Falls, 


Niagara. 


Bath, 


Steuben. 


Lima, 


Livingston. 


Dansville, 


" 


Brooklyn, 


Kings. 


Middletown, 


Orange. 



; 



XXXVI 



INSURANCE DIRECTORY 



Name of Agent. 

Brown. Stofford, 
William C. Smith, 
Henry C. Schell, 
Bigelow & Thomson. 
Josiah T. Miller. 
Richard McMichael, 
Levi A. Ward. 
A. L. Wells, 
Wickhaw & Bennett, 
James M. Willett, 
William Andre ws. 
Darius Cole, 
James Miller, 
Goodrich & Russell, 
James W. Fenton, 
John Keefer, 
Morris Cha3e, 
N. Hathaway, 
F. F. Driggs, 
D. L. Follett. 
1). M. Van Camp, 
James Wells, 
Thomas S. Arnold, 
Andrew Sill, 
S. D. Hungerford, 
John Stitt, 
W. R. Sanford, 
John McElhorn, 
Humphrey Sisson, 
Amos A. Bradley, 
Edgar Holmes, 
Cyrus H. Russell, 
Richard J. Garretson, 
Harry Forward, 
D. De Witt France, 



Place of Residence. 

Canajoharie, 

Buffalo, 

Geneva, 

Corning, 

Seneca Falls, 

Saratoga Springs, 

Rochester, 

Westfield, 

Binghampton, 

Batavia, 

Homer, 

Chatham -1 Corners, 

Yalatie, 

Canton, 

Pulaski, 

Shusban, 

Lowville, 

Delhi, 

Dunkirk, 

Norwich, 

Bath, 

Johnston, 

Herkimer, 

Livonia. 

Adams, 

Medina. 

Kendall, 

Ellen ville, 

Alexandria Bay, 

Pulton, 

Brockport, 

Gouverneur, 

Kingston, 

East Pembroke, 

Cobleskill, 



County. 

Montgomery. 

Erie. 

Ontario. 

Steuben. 

Seneca. 

Saratoga. 

Monroe. 

Chautauqua. 

Broome. 

Genesee. 

Cortland. 

Columbia. 

Columbia. 

St. Lawrence. 

Oswego. 

Washington. 

Jefferson. 

Delaware. 

Chatauqua. 

Chenango, 

Steuben. 

Fulton. 

Herkimer. 

Livingston. 

Jefferson. 

Orleans. 

Orleans. 

Ulster. 

Jefferson. 

Oswego. 

Monroe. 

St. Lawrence. 

Ulster. 

Genesee. 

Schoharie. 



No. 13 -HAMPDEN FIRE, SPRINGFIELD, MASS. 



Name of Agent. 

James F. Crosby, 
Thomas G. Perkins, 
Charles C. Terry. 
R. H. Smith, 
Seeley & Parsons. 

D. M. Chapin. 
J. B. C. Morris, 
0. L. Sheldon. 
M. H. Hanchett, 
Lyon & Francis, 

E. Babcock, 
D. M. Bennett, 



Place of Residence. 

Albany, 

Buffalo, 

Hudson. 

Little Falls, 

New York, 

Ogdensburgh, 

Oswego, 

Rochester, 

Syracuse. 

Utica, 

Troy, 

Watertown. 



County. 

Albany. 

Erie. 

Columbia. 

Herkimer. 

New York. 

St. Lawrence. 

Oswego. 

Monroe. 

Onondaga. 

Oneida. 

Rennsselaer. 

Jefferson. 



No. 11— HOME, NEW HAVEN, CONN. 
Name of Agent. Place of Residence. County. 



T. C Piatt, 
M. F. Rood, 
C P. Hunt, 

Frederick W. Satterlee, 
William E. Guest, 
Lewis B. Graham. 
George W. Schuyler. 
H. H. Bostwick, 



Owego. 
Watkins, 
llion, 

New York, 
Ogdensburgh, 
Penn Y"an, 
Ithaca. 
Auburn, 



Tioga. 
Schuyler. 
Herkimer. 
New York. 
St. Lawrence. 
Yates. 
Tompkins. 
Cayuga, 



INSURANCE DIRECTORY. 



XXXV 11 



Name of Agent. 


Place of Residence. 


County. 


William J. Fryer, 


Albany, 


Albany. 


Edward W. Lee, 


Ballston Spa, 


Saratoga. 


H. E. Pratt, 


Binghamton, 


Broome. 


E. P. Dorr, 


Buffalo, 


Erie. 


Bigelow & Thomson, 


Corning, 


Steuben. 


H. B. Van Buren, 


Dunkirk, 


Chautauqua. 


H. C. Schell, 


Geneva, 


Ontario. 


C. S. Clay, 


Kingston. 


Ulster. 


Philo Reed, 


Little Falls, 


Herkimer. 


Norman Seymour 


Mount Morris, 


Livingston. 


D. H. Hawes, 


Niagara Falls, 


Niagara. 


J. T. Henry, 


Olean, 


Cattaraugus. 


William H. Herrick, 


Oswego, 


Oswego. 


Sandford R. Knapp, 


Peekskill, 


Westchester. 


George Broadhead, 


Port Jervis, 


Orange. 


Buell & Brewster, 


Rochester, 


Monroe. 


L. L. Lewis & Son, 


Rome, 


Oneida. 


Peter Cantine, 


Saugerties, 


Ulster. 


Davis & Foote, 


Syracuse, 


Onondaga. 


Sheldon Clark, 


Saratoga, 


Saratoga. 


John N. Banker, 


Schenectady, 


Schenectady. 


Caleb Ruscal, 


Sing Sing, 


Westchester. 


Hoyt & Butler, 


Utica, 


Oneida. 


Farman & Pierce, 


Warsaw, 


Wyoming. 


Fred Emerson, 


Watertown, 


Jefferson. 


Julius Hoyt, 


Wellsville, 


Alleghany. 


Albert G. Bristol, 


Whitehall, 


Washington. 


Henry Shaft, 


Lockport, 


Niagara. 


McKinney & Swan, 


Elmira, 


Chemung. 


H. D. M. Miner, 


Fredonia, 


Chautauqua. 


No 


. 15— HOPE, PROVIDENCE, 


R. I. 


Name of Agent. 


Place of Residence. 


County. 


William Bright, 


Lockport, 


Niagara. 


Seeley & Parsons, 


New York, 


New York. 


John C. Cole, 


Troy. 


Rennsselaer. 


Milton H. Thomson, 


Utica, 


Oneida. 


Ebenezer P. Dorr, 


Buffalo, 


Erie. 


0. H. Brown, 


Oswego, 


Oswego. 


Buell & Brewster, 


Rochester, 


Monroe. 


John Keefer, 


Shushan, 


Washington. 


E. B. Parker, 


Newark, 


Wayne. 


No. 16- 


-JERSEY CITY, JERSEY CITY, N. J. 


Namb of Agent. 


Place of Residence. 


County. 


Goorge Cuyler, 


Albany, 


Albany. 


Terry & Wells, 


River Head, 


Suffolk. 


Nicholas Miller, 


Sing Sing, 


Westchester 


Quackenboss Brothers. 


New York, 


New York. 


No. 17- 


-MANUFACTURERS, BOSTON, MASS. 


Asa Bigelow, Jr., 


New York, 


New York. 


Richard Van Rennsselaer, Albany, 


Albany. 



No. 18-MASSAS0IT, SPRINGFIELD, MASS. 

Name of Agent. Place of Residence. County. 

W. L. Knowles, Potsdam, St. Lawrence. 

L. L. Lewis, Rome, Oneida. 

M. B. Little, Glens Falls, Warren. 

P. Wetmore, Canajoharie, Montgomery. 

W. T. Merritt, Poughkeepsie. Dutchess. 



XXXVlll 



INSURANCE DIRECTORY . 



-: )1 Agkst. 

H.T.C - 

J. Mill. r. 
H. D. M. Miner, 
W. L. Ma ._ 
J. B. C. Morris, 
J. Osborn, 
H. A. Palmer. 
W. II. Phe!] a 
0. Robi 
Rounds & Hall, 

Schell, 
Samuel G. Walk 

an, 
Henrv Smith. 
M. M. Smith. 

J. M. Welch, 

Albert And 
Hascall A: Elrnora. 
J. P. Ballard, 

E. T. Bartlett. 
D. M. Bennett. 
P. J. Farring'on. 

F. W. I 
A.M. Bj 
D. M. Choj 

Chittenden, 

J. F. C: 

R. Craikshank, 

L. D. Dana. 

F. F. I 

Holmes & Fairchilds, 

C. Farnham. 

tes, 
J. M. Grav. 

G. T. Hanford. 
Hovr & Butler. 



Place of Residence. 

V«ila i 
Fredonia, 

-ville. 
- 
Auburn. 

- 

_ 'at. 

Elmira. 
Buffalo. 

New Y 
PennYan, 

Flat Bi 
Pike. 
ina, 

Ithaca. 
son, 

Mai one. 
Le Roy. 

Syrac 

Franklin. 

■wn. 
Con; 
Brock; 
Jamestown. 

:.sburgh. 
Adam?. 

Saratoga Spring*. 
Albanv. 

Morris ville. 

Dunkirk, 

Roche- 

Maine, 

Hamilton. 
Schenectady. 



COUNTY. 

Columbia, 
uiqna. 

e. 
Osweg 

Cayuga. 

Seneca. 

trio. 

Chen, 

Erie. 

Ontario. 

New York. 

Yates 

Columbia. 

Wyoming. 

Orleans. 

Tompkins. 

Columbia. 

Franklin. 

Onon' 
Delaware. 

son. 
Steuben. 
Monroe. 
Chautauqua. 

wrence. 
Jefferson. 
Saratoga. 
Albany. 
Renn-- 
Madison. 
Chants 
Monroe. 
Tioga. 
Broome. 
Madison. 
Schenectady. 
Oneida. 



No. 19— MERCHANTS. BOSTON, MAS-. 
j of Agent. Place of Residence. County. 

iselow, Jr., York. New York. 



. —MERCHANTS, PROVIDENCE. E. I. 

Xameof A : Place of Residence. County. 



AsaBigelow. Jr.. 
Levi A. Ward. 
Daniel Anthonv, 
John C. Cole. 
Hiram Chambers. 



>~ew York. 
Rochester. 

Ttot. 
Buffalo. 



2s ew York. 
Monroe. 

Rennsselaer. 
Erie. 



No. 21— MERCHANTS, HARTFORD. CONN. 
Name of Agent. Place of Residence. County, 



Edwin S afford. 


Albany. 


Albany. 


L. C. Mann. 


Auburn. 


Cayuga. 


IVickham £ Ben_ 


I inghampton, 


Broome. 


Jacob Krertner. 


Buffalo. 


Erie. 


Francis C. Reed. 


Clvde. 


Wayne. 


N. Hathaway. 


Delhi. 


Delaware 





INSURANCE DIRECTORY. 




Name of Agent. 


Place or Residence. 


Counti 


0. W. Palmer, 


Elmira, 


Chemung. 


H. C. Schell, 


Geneva, 


Ontario. 


Geo. MoOhain, 


Ithaca, 


Tompkins. 


M. L. Fancher, 


Lansingburgb, 


Renusselaer. 


E. P. Wentwortk, 


Lockport, 


Niagara. 


Elisha Peck, 


New York, 


New York. 


William H. Ckilds, 


Niagara Falls, 


Niagara. 


W. Newkirk, 


Oswego, 


Oswego. 


Josiah E. Terry, 


Oneida, 


Oneida. 


Barney M Siebbins, 


Owego, 


Tioga. 


Dudley Bartlett, 


.Poughkeepsie, 


Dutchess, 


Oliver Stark, 


Penn Yan, 


Yates. 


Camp hell M. Haynes, 


Port Ryan, 


Cayuga, 


L. B. Raymond, 


Rochester, 


Monroe. 


L. L. Lewis, 


Rome, 


Oneida. 


M. \V. Hanchett, 


Syracuse, 


Onondaga, 


Peck & Hi.Lman, 


Troy, 


Rennsselaer. 


Hoyt & Butler, 


Utica, 


Oneida. 


L. A. Bunce, 


Vernon Centre, 


'• 


David M. Bennett, 


Watertown, 


Jefferson. 


Brown Stofford, 


Canajoharie, 


Montgomery 


Daniel H. Burr, 


Cortland, 


Cortland. 



XXXIX 



No. 22— NATIONAL, BOSTON, MASS. 
Asa Bigelow, Jr., New York, New York. 

No. 23— NORTH AMERICAN, BOSTON, MASS. 
Asa Bigelow, Jr., New Y^ork, New York. 

No. 24-NORTH AMERICAN, HARTFORD, CONN. 



J. F. Wmne, 


Albany, 


Albany, 


J. H. Denio, 


Albion, 


Orleans. 


W. B. Knox, 


Amsterdam, 


Montgomery 


Ames & Stebbins. 


Addison, 


Steuben. 


Wm. H. Seward, Jr. & Co, 


Auburn, 


Cayuga. 


E. P. Dorr, 


Buffalo, 


Erie. 


E. C. Dibble, 


Batavia, 


Genesee. 


C. S. Hall, 


Binghampton, 


Broome. 


A. B. Davenport, 


Brooklyn, 


Kings. 


L. W. Fiske, 


Boonvile, 


Oneida. 


C. Cornwall, 


Catskill, 


Greene. 


F. A. Lee, 


Cooperstown, 


Otsego. 


D. Burr, 


Cortland, 


Cortland. 


S. W. Salisbury, 


Cauandaigua, 


Ontario. 


B. T. Clark, 


Cazeuovia, 


Madison. 


Lawrence & Perry, 


Elmira. 


Chemung. 


"W. C. Stephens, 


Fulton, 


Oswego. 


W. C. Schell, 


Geneva, 


Ontario. 


W. L. Mudge, 


Harpersville, 


Broome. 


C. C. Perry, 


Hudson, 


Columbia. 


J. C. Miller, 


Hornellsville, 


Steuben. 


J. M. Gray, 


Hamilton, 


Madison. 


G. W. Schuyler, 


Ithaca, 


Tompkins. 


James Rodgers, 


Jordan, 


Onondaga. 


S. S. Cady, 


Jamestown, 


Chautauqua. 


C. S. Clay, 


Kingston, 


Ulster. 


Daniel Morse, 


Lockport, 


Niagara. 


S. R. Corwin, 


Middletown, 


Orange. 


N. Seymour, 


Mount Morris, 


Livingston. 


B. Fair man, 


Medina, 


Orleans. 


J. A. Alexander, 


New York. 


New York. 



xl 



INSURANCE DIRECTORY 



Name of Agent. 

W. H. ChiLds, 

George G. Street, 

D. M. & S. L. Westfall. 

B. M. Stebbins. 
O. H. Brown, 
S. Bundy, 

D. M. Chapin, 
D. Bartlett, 
L. S. Ayres, 

C. Hayden, 
H. Hayden, 

S. B. Raymond, 
J. T. Miller, 
M. W. Hanchett, 

C. Roscoe, 
L. Clark, 
P. Cantine. 
J. J. Morlett, 

H. T. Walbridge, 
J. Keefer, 
James Miller, 

D. M. Bennett, 
R. Moe, 

A. L. Wells, 
David E. E. Mix, 

B. A. & J. J. Tillingkast, 
Milton H. Thomson, 

J. H. Camp, 
Geo. C. Chipman, 

No. 25- 
Name of Agent. 
Billings 0. Learned, 
James A. Alexander. 
George D. Hull, 
Le Roy Monry, 
George T. Hanford. 
J. H. Edmonds, 
H. Hayden, 
S. H. Glassen, 
L. C. Mann, 
Brewster & Buell, 
L. E. Spalding, 
L. Hasbrouck, 
Philo Reed, 
J. H. Camp, 

E. P. Wentworth, 
Rounds & Hall, 
Brewster & Flandrean, 
H. C. Schell, 

J. Kendall, 
Hascall & Elmore. 
S. French, 

D. L. Follet, 
J. E. Learned, 
J. Sloan. 

E. Babcock, 
L. F. S. Viele, 
W. Sherman, 

C. B. Benedict, 
C. F. Matteson, 
A. L. Wells, 
Andrew J. Chester, 
George J. Spencer, 



Place of Residence. 

Niagara Falls, 

New burgh, 

South White Creek, 

Owego, 

Oswego, 

Oxford. 

Ogdensburgh, 

Poughkeepsie, 

Penn Yan. 

Parma, 

Rome, 

Rochester, 

Seneca Falls, 

Syracuse, 

Sing Sing, 

Sandy Hill, 

Saugerties, 

Schenectady, 

Saratoga Springs, 

Shushan, 

Yalatie, 

Water town, 

Water ford, 

West field, 

Batavia, 

Troy, 

Utica, 

Lyons. 

Potsdam, 

-NORWICH FIRE, NORWICH. 
Place of Residence. 
Albany, 
New York, 
Poughkeepsie, 
Greenwich, 
Schenectady, 
Utica, 
Rome, 
Syracuse, 
Auburn, 
Rocbester, 
Oswego, 
Ogdensburgb, 
Little Falls, 
Lyons, 
Lockport, 
Buffalo, 
Brockport, 
Geneva, 
Ithaca, 
Le Roy, 
Lima, 
Norwich, 
Owego, 
Penn Yan, 
Troy, 
Waterloo, 
Water town, 
Attica, 
Fredonia, 
Westfield, 
Albion, 
Binghamton, 



Countt. 

Niagara. 

Orange. 

Washington. 

Tioga. 

Oswego. 

Chenango. 

St. Lawrence. 

Dutchess. 

Yates. 

Monroe. 

Oneida. 

Monroe. 

Seneca. 

Onondaga. 

Westchester. 

Washington. 

Ulster. 

Schenectady. 

Saratoga. 

Washington. 

Columbia. 

Jefferson. 

Saratoga. 

Chautaugua. 

Genesee. 

Rennsselaer. 

Oneida. 

Wayne. 

St. Lawrence. 

CONN. 

County. 
Albany. 
New York. 
Dutchess. 
AVashington. 
Schenectady. 
Oneida. 
Oneida. 
Onondaga. 
Cayuga. 
Monroe. 
Oswego. 
St. Lawrence. 
Herkimer. 
Wayne. 
Niagara. 
Erie. 
Monroe. 
Ontario. 
Tompkins. 
Genesee. 
Livingston. 
Chenango. 
Tioga. 
Yates. 

Rennsselaer. 
Seneca. 
Jefferson. 
Wyoming. 
Chataugua. 
Chataugua. 
Orleans. 
Broome. 



INSUEANCE DIRECTORY 



Xli 



No. 26.— PHCENIX, HARTFORD, CONN. 



Name of Agent. 
D. A. At well, 
D. O. Baker, 

C. B. Benedict, 
Bigelow & Thomson, 

D. H. Burr, 

D. L. Boardman, 
Stanley Bagg, 
Beebe & Rice, 
A. G. Bristol, 

A. S. Burdick, 
John C. Cole, 
Alfred Cary, 

C. S. Clay, 

S. R Corwin, 
Loraness Clark, 
Dada & Sawyer, 
L. D. Dana, 

F. David, 
Charles Foster, 
M. L. Fancher. 
Sineno French, 
Sol. V. Frost. 
Hascall & Elmore, 
Harrington & Farman, 
1). N. Huntington, 
Louis Hasbrouck, 
John H. Holmes, 

S. G. Hadley, 
Tbos. Isom. Jr., 
Chas. R. Kerne, 
Wm. L. Knowles, 

D. A. King, 
Henry P. Knowles, 
Henry A. King, 

B. P. Learned. 
Lawrence & Perry, 
P. D. Livingston, 
J. C. Miller, 

W. L. Mudge, 
Daniel Morse, 

C. Munger, 
Josiah T. Miller, 
Robert Moe, 
Charles D. Lawton, 
Richard H. Mitchell, 
A. E. Norton, 
Warden Newkirk, 
William H. Phelps, 

D. W. C. Peck, ' 
H. J. Prindle, 
Z. C. Piatt. 
Rockwell Putnam, 

E. Rober+son, 
Philo Reed, 
S. L. Rood, 
W. C. Smith, 
Brown Stafford, 
Otis Still man, 
H. C. Schell, 

G. W. Schuyler, 
Oliver Stark, 
P.VanSchau:k. 



Place of Residence. 
Shenectady, 
Auburn, 
Attica, 
Corning, 
Cortland, 
Rome. 
Syracuse, 
Watertown, 
Whitehall, 
Granville, 
Troy, 

Fort Plain, 
Kingston, 
Middletown, 
Sandy Hill, 
Fulton, 
Morrisville, 
Phoenix. 
Cortland, 
Lansingburgh, 
Lima, 

Poughkeepsie, 
Le Roy, 
Warsaw, 
Malone, 
Ogdensburgh. 
Phelps, 
Waterloo, 
Skaneateks, 
Dansville, 
Potsdam, 
Pulaski, 
Lyons, 
Albion, 
Albany, 
Eltnira, 
Moravia, 
Hornellsville, 
Harpersville, 
Lock port, 
Owego, 
Seneca Falls, 
Waterford. 
Clyde, 
Hudson, 
Gouvemeur, 
Oswego, 
Canandaigua, 
Mexico, 
Norwich, 
Plattsburgh, 
Saratoga Springs, 
Greenwich, 
Little Falls, 
Watkins, 
Buffalo, 
Canajoharie, 
Dunkirk, 
Geneva, 
Ithaca, 
Penn Yan, 
Kinderhook, 



County. 



Shenectady. 

Cayuga. 

Wyoming. 

Steuben. 

Cortland. 

Oneida. 

Onondaga. 

Jefft rson. 

Washington. 

Washington. 

Rensselaer. 

Montgomery. 

Ulster. 

Orange. 

Wa>hington. 

Oswego. 

Madison. 

Oswego. 

Cortland. 

Rensselaer. 

Livingston. 

Dutchess. 

Genesee. 

Wyoming. 

Franklin. 

St. Lawrence. 

Ontario. 

Seneca. 

Onondaga. 

Livingston. 

St. Lawrence. 

Oswego. 

Wayne. 

Orleans, 

Albany, 

Chemung. 

Cayuga. 

Steuben. 

Broome. 

Niagara. 

Tioga. 

Seneca. 

Saratoga, 

Wayne. 

Columbia. 

St. Lawrence 

Oswego. 

Ontario. 

Oswego. 

Chenango. 

Clinton. 

Saratoga. 

Washington. 

Herkimer. 

Schuyler. 

Erie. 

Montgomery. 

Dunkirk. 

Ontario. 

Tompkins. 

Yates. 

Columbia. 



xlii 



INSURANCE DIRECTORY 



Name of Agent. 
Ezra, White, 
E. K. West. 
Wiekham & Bennett, 
D. M. & L. Westfall, 
L.A.Ward, 
J. W. Williams, 
-Tag. E. Warring, 
H. T.Cross, 
Edgar Holmes. 
Aaron Griswold, 
Henry C. Finley, 
B. Desobry Jacockes, 



Place of Residence. 
New York, 
Baldwinsville, 
Binghampton, 
North White Creek, 
Rochester, 
Utica, 

Amsterdam, 
Batavia. 
Brockport, 
Clyde, 
Palmyra, 
Poughkecpsie, 



County. 
New York, 
Onondaga. 
Broome. 
Washington. 
Monroe. 
Oneida. 
Montgomery, 
Genes-ee. 
Monroe. 
Wayne. 
Wayne. 
Dutchess. 



No. 27.-PRESIDENT AND DIRECTORS OF THE INSURANCE COMPANY 
OF NORTH AMERICA, PHILADELPHIA, PA. 

Satterthwaite Brothers, (Marine Agents), No. 61 William Street, New York. 
James Sterling Hollinshead, (Fire Agent), No. 74 Wall Street, New York. 



No. 28.— PROVIDENCE WASHINGTON, PROYIDENTE, R. I. 
Name ok Agent. Place of Residence. County. 



Aea Bigelow, Jr., 
John C. Cole. 
Hiram Chambers. 
Hoyt & liutler, 
John B. C. Morris, 
John D. Serviss. 
Walter Cross, 
William Lacy, 
L. A. Ward, 
M. \V. Hanchett, 



New York. 
Troy, 

Buffalo, 

Utica, 

Oswego, 

Amsterdam, 

Fultonville, 

Albany, 

Rochester, 

Syracuse, 



New York. 

Rennsselaer. 

Erie. 

Oneida. 

Oswego, 

Montgomery. 

Montgomery. 

Albany. 

Monro i. 

Onondaga. 



No. 29.— SPRINGFIELD FIRE AND MARINE, SPRINGFIELD, MASS. 
Name of Agent. Place of Residence. County. 



Seeley & Parsons, 
R. M. Hamilton, 
D. M. Chopin, 
Sheldon Clark, 
M. H. Thompson, 
S. H. Slosson, 
Joseph Ot-born, 
Rounds & Hall, 
N. H. Robinson, 
Nelson, J. Hopkins, 
L. L. Lewis, 
S. G. Hadley, 
Oliff Abell, 
B. A. Tillinghast. 
J. K. Bartlett, 
D. M. Bennett, 
F. W.Brewster, 
Ha seal 1 & Elmore, 
H. T. Cross, 
N. Hathaway. 
Solomon W. Frost, 
Holmes & Fairchild. 
Peter Van Scbaack, 
A. H. Moore, 



" New York, 
Albany, 
Ogdensburgh, 
Saratoga Springs, 
Utica, 
Syracuse, 
Auburn, 
Buffalo, 
Elmira, 
Binghampton, 
Rome. 
Waterloo, 
Whitehall, 
Troy, 
Adams, 
Watertown, 
Brockport, 
Le Roy. 
Batavia, 
Delhi. 

Poughkeepsie 
Rochester, 
Kinderhook, 
Geneva, 



New York. 

Albany. 

St. Lawrence. 

Saratoga, 

Oneida. 

Onondaga. 

Cayuga. 

Erie. 

Chemung. 

Broome. 

Oneida. 

Seneca. 

Washington. 

Rennsselaer. 

Jefferson. 

Jefferson. 

Monroe. 

Genesee. 

Genesee. 

Delaware. 

Dutchess. 

Monroe. 

Columbia. 

Ontaiio. 



INSURANCE DIRECTORY. 



xliii 



Name of Agent. 


Piace of Residence. 


County. 


Hiram Macy, 


Hudson, 


Columbia. 


J. B. C. Morris, 


Oswego, 


Oswego. 


George Moore, 


Plattsburgh. 


Clinton. 


W. H. Phelps, 


Canandaigua, 


Ontario. 


Francis C. Reed, 


Clyde, 


Wayne. 


W. F. Warner, 


Owego, 


Tioga. 


J. L. Whiton, 


Ithaci, 


Tompkins. 


P. J. Farrington, 


Corning, 


Steuben. 


Daniel A. At well, 


Schenectady, 


Schenectady. 


Thos. 0. Farrington, 


Yonkers, 


Westchester. 


Jennison G. Ward, 


Johnstown, 


Fulton. 


Ezra White, 


New York, 


New York. 


George 0. Chip man. 


Potsdam, 


St. Lawrence 


Philo Reed, 


Little Falls, 


Herkimer. 


W. H. Childs, 


Niagara Falls, 


Niagara. 


George G. Moss. 


Lockport, 


Niagara. 


George G. Street, 


Newburgh, 


Orange. 


Charles P. Hunt, 


Ilion, 


Herkimer. 


No. 33.- 


-THAMES FIRE, NORWICH 


CONN. 


Name of Agent. 


Place of Residence. 


County. 


James Miller, 


Valatie, 


Columbia. 


John H. Poultney, 


Hudson, 


Columbia. 


Charles Cornwall, 


Catskill, 


Greene. 


0. S. Clay, 


Kingston, 


ULster.-i 


Dudley Bartlett, 


Poughkeepsie. 


Dutchess. 


George G. Street, 


Newburgh, 


Orange. 


N. B. Holmes, 


Tarrytown, 


Westchester. 


H. M. Peck, 


Haverstraw, 


Rockland. 


Cobb Roscoe, 


Sing Sing, 


Westchester. 


M. L. Fancher, 


Lansingburgh, 


Rennsselaer. 


C. M. Dyer, 


Troy, 


Rennsselaer. 


J. N. Bancker, 


Schenectady, 


Schenectady. 


H. T. Walbridge, 


Saratoga Springs, 


Saratoga. 


L. L. Lewis, 


Rome, 


Oneida. 


J. K. Brown, 


Utica, 


Oneida. 


Wm. E. Fiske, 


Canastota, 


Madison. 


R. H. Avery, 


Wampsville, 


Madison. 


M. W. Hanchett, 


Syracuse, 


Onondaga. 


0. H. Brown, 


Oswego, 


Oswego. 


W. B. Hine, 


Jordan, 


Onondaga. 


D. H. Hawes, 


Niagara"Falls, 


Niagara. 


D. P. Dobbins, 


Buffalo, 


Erie. 


0. Stillman, 


Dunkirk, 


Chautauqua. 


L. M. Gano, 


Olean, 


Cattaraugus. 


George G. Moss, 


Lockport, 


Niagara. 


E. D. Smith, 


Hornellsville, 


Steuben. , 


Bigelow & Thomson, 


Corning, 


« 


Nathaniel W. Davis, 


Owego, 


Tioga. 


J. G. Ward, 


Gloversville, 


Fulton. 


Philo Reed. 


Little Falls, 


Herkimer. 


A. H. Burtch, 


Fonda, 


Montgomery. 


S. Downs, 


Medina, 


Orleans. 


0. S. Sheldon, 


Rochester, 


Monroe. 


George K. Fuller, 


Chittenango, 


Madison. 


F. Willoughb}-, 


Groton, 


Tompkins. 


D. W. Cameron. 


Cazenovia, 


Madison. 


Thomas A. Whitney, 


Peekskill, 


Westchester. 


John A. Boyce, 


Munroe, 


Orange. 


M. Lewis Clark, 


Middletown, 


" 


Palmer & Scott, 


Elmira, 


Chemung. 


William Andrews, 


Homer, 


Cortland. 


S. S. Congdon. 


Scaghticoke, 


Rennsselaer. 


W. A. Van Wagenen, 


Fishkill, 


Dutchess. 



xliv 



INSURANCE DIRECTORY 



WESTERN MASSACHUSETTS. PITTSFIELD. MASS. 



Name of Agent. 
Hyron Beebee. 
Eben Be 11. 
Buell £Bre<?^ - 
F. W. Bvewi 
Dudiey Bartlett. 
- n 

Ion Clark. 
lav. 
Geo. W. Fay. 
L. Hisbrock. 
M. W. Hanchett. 
N. Hit': away, 
P. N. Hunungten. 
J. B. C Morris, 
-- lann. 

- - ;-wn. 

C. R. McClelLr. 

Jno. H. Ponltnev. 
Wm. H PL 
H. N Retfway, 

b £ Hall. 
Thos. P. Scoville. 
P. B. Stilflon. 

1 - - 
Henry Smith. 
J. L. Woitou. 
Ezra V. 

Hells, 
Thos. R. Walker. 

. F. Wiane, 
Smith M. Weed, 
William T. Crock. 

L ?] :; : men. 



Pr-iCE of Residence. 

Watertown. 

Troy. 

Rochester. 

Brockport. 

. .keepsie. 
Batavia. 

togmS 

KiOgStOQ. 
-TO. 

Ogdensburgh. 
Svracuse, 
Delhi. 
Mai one. 

- 
Auburn, 
Ell>r, Ig 

^thtown. 
Hudson. 

idaigua. 
Potsdam. 
Buffalo. 

-on. 
Binghampton. 
Toafcrn 
Flat Brook. 

Vork, 
Westfield. 
Urica. 
Albany. 
Platr^bureh. 
Rouse's Point. 
Champlain, 
Canton. 



CoCNTT. 

Jefferson . 

Rennsselaer. 

Monroe. 

Dutchess. 

Genesee. 

Saratoga. 

Ubter. 

Tioga. 

St. Lawrence. 

Onondaga. 

Delaware. 

Franklin. 

Ohw •_ 

Cayuga. 

Onoa . - 

vreuee. 

Columbia. 
Ontario. 

ren<"e. 
Erie. 
Niagara. 
Broome. 
Wesrch^ster. 
Columbia. 
Tompkins. 
New York. 
Chautauqua. 
Oneida. 
Albany. 
Clinton. 
Clinton. 
Clinton. 
St. Lawrence. 



18-AGEXTS OF LIVERPOOL AND LONDON LV 
NEW YORK STATE. 



Names 

Bacon, J. GL 
Bacon. F. A.. 
Baker. J. L . 
Buell & Brewster. 
Clark. W. N . 
Corev. W. F.. 
Conlon. T. R. 
Denton. S. F.. 
Fish k Armstrong. 
Fitch. C. E.. 
Heusted. W. J.. 
Losran. G.. 
McWhorrer. J. L., 
Osborn. W. R.. 
Patterson. A. R . 
Shaft, Henry, 
Sloan. J.. 
Stafford, B.. 



Residence. 

Troy. 

Ogdensbnrgh. 

Watertown. 

Rochester. 

Johnstown. 

Elmira. 

Whitehall. 

Corning. 

Buffalo. 

Syracuse. 

Poughkeepsie. 

Niagara Falls. 

- "-go. 
Binghampton. 
Albion. 
Lockport. 
Perm Yon. 
Canajoharie. 



INSURANCE DIRECTORY.. 

AGENTS OF LIVERPOOL AND LONDON (Continued) 
Name oj Agent. Place of Residence. 

Taylor, L. M., Utica. 

Warring, Jas. E., Amsterdam. 

Wilbur, H., Batavia. 

Younglove, T. G., Cohoes. 

James Hendrick, Gen. Agt., No. 44 State St., Albany, N. Y. 

40^*-*» 



:lv 



19- CONNECTICUT-OFFICERS OF FIRE & MARINE 
INSURANCE COMPANIES. 

ALEXANDER, THOS. A., Vice f .Etna Fire, Hartford. 

Pres . . ( 

ALLYN, T. C, Sec 7. .Hartford Fire, Hartford. 

BOWERS, C. B., Pres City Fire, Hartford. 

BOWERS, W. N., Actuary Hartford Fire, Hartford. 

BRADLEY, LEVI B., Sec City Fire, New Haven. 

BREWSTER, A., Pres Norwich Fire, Norwich. 

BRISTOL, WILLIS, Pres Mutual Security, New Haven. 

ELDREDGE, JOHN B., Sec. . .. Connecticut Fire, Hartford. 

GALPIN, P. S., Sec Mutual Security, New Haven. 

EWING, D. D, Sec Hartford Co. Mutual Fire, Hartford. 

GREENE, BEN J. W., Pres Connecticut Fire, Hartford. 

HASTINGS, A. F., Pres North American, Hartford. 

HASTINGS, W. C, Sec North American, Hartford. 

HENDEE, LUCIUS J., Sec ^Etna Fire, Hartford. 

HOWARD, MARK, Pres Merchants, Hartford. 

HUNTINGTON, H., Pres Hartford Fire, Hartford. 

JEWETT, GEO. D., Sec New England F. & M., Hartford. 

KELLOGG, HENRY, Sec Phoenix, Hartford. 

LEARNED, E., Sec Norwich Fire, Norwich. 

LOBDELL, E. THOMAS, Sec. . .Merchants, Hartford. 

LOOMIS, S. L., Pres Phoenix, Hartford. 

LYMAN, C. C, Asst. Sec Hartford Fire, Hartford. 

PRENTICE, AMOS W., Pres.. .Thames Fire, Norwich. 

RIPLEY, EDWIN G., Pres Mm Fire, Hartford. 

RICE, OLIVER P , Sec Thames Fire, Nowicb. 

SATTERLEE, DOUGLAS R., Pres., Home Fire, New Haven. 

SEXTON, J. M., Sec Charter Oak F. & M., Hartford. 

SHEPARD, CHARLES, Pres.. ..Hartford Co. Mutual Fire, Hartford. 
SOUTHWORTH, WELLS, Pres.Citv Fire, New Haven. 
SPRAGUE, JOSEPH H., Pres.,. .Charter Oak F. & M., Hartford 

WAITE, C. C, Sec City Eire, Hartford. 

WATERMANN, N. M., Sec New England F. & M., Hartford. 

WILSON, CHARLES, Sec... . . . .Home Fire, New Haven. 



.VI 



INSURANCE DIRECTORY. 



20-OFFICERS OF LIFE INSURANCE CO'S. EN 
CONNECTICUT. 



BULKELEY, E. A.. Pres JEtca Life, Hartford. 

EXDERS. T. 0.. Sec .Etna Life. Hartford. 

FESSEXDEX, EDSOX, Pres... .Phcenix Mutual, Hartford. 

GOODWIX, JAMES, Pre? Connecticut Mutual, Hartford. 

HILL. WM. H.. Sec Phcenix Mutual, Hartford. 

HOSMER. JAMES B.. Vice Pres. Phoenix Mutual, Hartford. 
LACEY. THOMAS 13.. M.D.. Gen'l Ag't. -Etna Life, Hartford. 
LOOMIS, SIMEOX L. Vice Pres.. 

XOYES. BEXJ., Sec American Mutual, Xew Haven. 

PALMER, XOYES S, General [ Charter Oak, Life, Hartford. 

Agent { 

PHELPS GUY R.. Sec Connecticut Mutual. Hartford. 

RUSSELL. THOS. W. Vice Pres.Charter Oak. Life. Hartford. 
SILLIMAX, BEXJ. F., Pre?.,. . .American Mutual, Xew Haven. 
WALKLEY, JAMES C, Pres. . .Charter Oak Life, Hartford. 
WHITE. S. H.. Sec Charter Oak Life. Hartford. 






21-INSlRAXCE AGENTS IN CONNECTICUT. 



Conner. Wm. 



Cresbv. Theo. H. 



Erdtmann, Wm. 
Goodwin, James M. 
Howard. Jas. L. 

Hubbard. J. H. 

Parson?. H. S., 
Root. Geo. W.. 
North. John G. 



'Springfield F. ft ML ft Ma?sa-' 

soit. Springfield. 
■I Manhattan & Hanover. N. Y.. Ha: 
i Home. New Haven. 
Thames. Norwich. J 

f Metropolitan J: Lamar. N. Y. ^ 

j Phoenix. Brooklyn, Hope and 

\ Equitable. Providence. Hartford. 

N rwalk. of Norwalk. 
' Middlesex Mutual. Middletown. j 

Germania Life. Hartford. 

F. It. & L. Ins. Agency. Hartford. 

Mutual Benefit Life. Hartford. 

" Pastern Man*. Pitttfield. ) 

- Merchant? <£ Farmers. Worc'ter. > Hartford, 
'.way. Boston. ) 

Mass. Mutual Life & General Agency. New Haven. 
Home. N. Y. New Haven. 






Long Island. N. Y.. -E:na. Conn.. Phcenix. North American. 
Merchants. New England, and Hartford Co. Fire. Connecticut : 
Conn. Mutual and .EnaLife. General Agency. NewJLv 

Continental & S> enrity. N. Y. ] 

Hampden. Springfield. City. N. 

Wallace, Wm. j bJ^BIU.,*, Provide. [ H « tford - 

Howard. Low» 11. 

Unity. London. J 

t i . t- * Hartford Countv. t « .._ 

1 ale & Emmons, - Mutual Rre - - Menden. 



INSURANCE DIRECTORY. 



xi 



Vll 



22-MUTUAL FIRE INS. CO.'S IN CONNECTICUT. 



{From State Treasurer's Report.) 







Assets or Capital 






October, 1862. 


Danbury Mutual Fire, 


Danbury, ' 


$2,513.56 


Farmington Valley Fire, 


Farmington, • 


811.41 


Greenwich Fire, 


Greenwich, 


2,010.33 


Hartford County Fire, 


Hartford, 


39.852.09 


Litchfield Fire, 


Litchfield, 


21.501.00 


Middlesex Mutual Fire, 


Madison. 


757.50 


Madison Mutual Fire, 


Middletown, 


46,08'».65 


New London County Fire, 


Norwich, 


26,339.09 


Norwich Assurance, 


Norwich, 


6,666.66 


Tolland County Mutual Fire, 


Tolland. 


7,711.55 


Windham County Fire, 


Brooklyn, 


20,904.00 



23-NEW HAMPSHIRE. 

MUTUAL FIRE AND MUTUAL LIFE INS. CO.'S IN 1861-62. 



AM03KEAG MUTUAL FIRE INSURANCE COMPANY -Manchester. 

Pres., Isaac Riddle ; Sec. and Treas., E. T. Stevens. 

ASHUELOT MUTUAL FIRE INSURANCE COMPANY— Keene. 

Pres., William Dinsmore ; Sec, Edward Farrar ; Treas., George W. Tilden. 

ATLANTIC MUTUAL FIRE INSURANCE COMPANY— Exeter. 

Pres.. Joseph T. Gilman ; Sec, William P. Moulton ; Treas., Joseph C. Billiard 

BELKNAP COUNTY MUTUAL FIRE INSURANCE COMPANY— Lacunia. 

Pres., Richard Gove ; Sec. 1 , E. A. Hibbard ; Treas. J. C. Moulton. 

CARROLL COUNTY MUTUAL FIRE INSURANCE COMPANY— Sandwich. 

Pres., Daniel C. Beede ; Sec. and Treas., C. C. Fellows. 

CHESHIRE COUNTY MUTUAL FIRE INSURANCE COMPANY— Keene. 

Pres.. Larkin Baker ; Sec, Leonard Bisco ; Treas., Frederick Vose. 

COCHECHO MUTUAL FIRE INSURANCE COMPANY— Dover. 

Pres., Chas. W. Woodman ; Sec and Treas., Woodbury T. Prescott. 

EQUITABLE MUTUAL FIRE INSURANCE COMPANY— Concord. 

Pres., Caleb Parker ; Sec. Mitchel Gilmore ; Treas., Robert C. Osgood. 

FARMERS' MUTUAL FIRE INSURANCE COMPANY— Gilmauton. 

Pres., John K. Woodman ; Sec, Josiah J. Beau ; Treas., Alfred Prescott. 

FARMERS' AND MECHANICS* MUTUAL FIRE INSURANCE CO.— Epping. 

Pres., Joseph C. Plumer : Sec and Treas., Abraham Plumer. 

FARMINGTON MUTUAL FIRE INSURANCE COMPANY— Farmington. 

Pres., George M. Herring ; Sec and Trea?., Josiah B. Edgerly. 

GRANITE MUTUAL FIRE INSURANCE COMPANY— Webster. 

Pres., Moses Fellows 5 Sec. and Treas., Simeon B. Little. 

GREAT FALLS MUTUAL FIRE INSURANCE COMPANY— Somersworth. 

Pres., Ichabod G. Jordan ; Sec. and Treas., Joseph A. Stickney. 
HAND IN HAND MUTUAL (LIFE) INSURANCE COMPANY— Laconia. 

Pres., Geo. W. Stevens ; Sec, Samuel E. Young ; Treas. A. G. Folsom. 

HILLSBOROUGH MUTUAL FIRE INSURANCE COMPANY— Amherst. 

Pres., Francis P. Fitch ; Sec. and Treas., David Russell. 

LAKE INSURANCE COMPANY— Wolfborough. 

Pres., Abel Haley ; Sec and Treas., John Fox. 

MANCHESTER MUTUAL FIRE INSURANCE COMPANY— Manchester. 

Pres., John S. Eliot 5 Sec. and Treas , J. D. Lyford. 

NASHUA FIRE INSURANCE COMPANY— Nashua. 

Pres., Josephus Baldwin ; Sec and Treas., Chas. A. Hutchinson. 



Xlviil INSURANCE DIRECTORY. 

PORTSMOUTH MUTUAL FIRE INSURANCE COMPANY— Portsmouth. 

Pres., John Knowlton ; Sec, William L. bwight. 

ROCKINGHAM FARMERS' MUTUAL FIRE INSURANCE CO— Exeter. 

Pres., William Connor ; Sec. and Treas., Charles E. Lane. 

ROCKINGHAM MUTUAL FIRE INSURANCE COMPANY— Exeter. 

Pres., Joseph T. Gilman ; Sec., W. P. Moulton ; Treas., Joseph C. Hilliard. 

ROCHESTER MUTUAL FIRE INSURANCE COMPANY— Rochester. 

Pres. Micajah H. Weutworth ; Sec. and Treas 1 ., Enoch Whitehouse. 

UNION MUTUAL FIRE INSURANCE COMPANY— Concord. 

Pres., Thos. P. Treadwell ; Sec. and Treas., Jonathan E. Lang. 

Note.— The " Merrimack Company Mutual," and the •' New Hampshire Mutual 
Fire," both of Concord, are reported by the Commissioners as wound up. Also 
the " Manchester Mutual," named above as winding up. The '* Carrol County 
Mutual" voted to close business two years since ; also the " Amoskeag Mutual" 
in June 1861. Respecting the " Hand in Hand Mutual Life" of Laconia, it is in 
effect wound up, having proved an utter failure. 



:o:- 



GENERAL REMARKS OF INSURANCE COMMISSIONERS 
APPENDED TO REPORT. 

Concord, New Hampshire, May, 1862. 

The undersigned, in addition to the preceding reports, severally submitted by 
them, would britfly say that they do not find all the insurance companies in this 
State in such good and improving condition as to inspire very sanguiue hopes of 
their future prosperity. 

The cost of insurance to the insured in many, if not in a majority of the com- 
panies, is steadily increasing, and has already so far advanced as to exceed the 
cost of insurance in good stock companies. If this increase shall continue, it is 
not questionable that they will be compelled to wind up business ; and where a 
company finds its assessments are advancing from high to higher, and can not 
devise any means to arrest this upward tendency, it would be a tavor to the 
insured to close up business before the full amount of premium notes is assessed. 

Among the causes of this increasing cost of insurance, your Commissioners 
would suggest the following : There is a general and constant increase in the ex- 
penses of managing the business of the companies. This results very naturally 
from the fact that the insured, who constitute the company, leave the whole 
management to the officers, who are often quite as much interested to manage 
the business profitably for themselves as for those whose servants they ostensibly 
are. No business ever succeeded, in the long run, unless it was at least superin- 
tended by the person or persons whose was the profit or loss. Unless the insured 
availed themselves of their privilege and right to be heard in the management 
of these mutual companies, and in the correction of abuses, the future history of 
mutual insurance in this State, like the past, will be blemished by frequent 
obituaries. 

Another cause of this increasing cost to the insured is the want of a just dis- 
crimination by many companies between good and bad risks. Hazardous and 
extra hazardous risks are taken at too low rates, and many are taken that should 
be rejected. This increases the losses without proportionally increasing the 
funds to pay the same. Hence it is that those companies that confine their busi- 
ness to first class risks, succeed ultimately the best. 

The Commissioners of last year recommended legislation to protect mutual 



INSURANCE DIRECTORY. xlix 

companies in this State. We suggest that that will not save them. They must 
compete with stock companies doing business here, and can only do this success- 
fully by so managing their business as to be able to insure property at as low a 
cost to the insured. 

The business of many of ourmutuals is declining, because the cost of insurance 
to those insured in them is constantly increasing. Legislation, we think, is not 
the panacea for th.s. Good, thorough, and economical management, by men of 
experience and ability, is needed more than legislation, and will do more for the 
companies. 

There is a good field opening in this State for the institution of stock com. 
panies, and to this field capital is invited. A large amonnt of money is annually 
flowing out of the State for the want of reliable home stock companies in which 
the owners of property have confidence. 

The Commissioners return thanks to the officers of the several companies for 
the uniform courtesy and kindness with which they were treated by them while 
in the discharge of their duties. 

Respectfully, 

C. V. DEARBORN, ) „ 

{ Commissioners 



May 20, 1862. 



GEORGE W. CONANT, V j^™ 
JAMES GORDON. 



INSURANCE DIRECTORY. 



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INSURANCE DIRECTORY. 11 

£5-VERL>IONT FIRE INSURANCE OFFICES AND 
OFFICERS. 

CONN. RIVER MUTUAL FIRE INS. CO.— Bellows Falls. 
A. Wentworth, Jr., Pres. ; A. S. Campbell, Sec. 

FARMERS' MUTUAL FIRE INSURANCE CO.— Montpelier. 
Geo. W. Bailey, Pres. ; Joseph Poland, Sec. 

ORANGE COUNTY MUTUAL FIRE INS. CO.— Chelsea. 
, Pres. ; John W. Smith, Sec. 

VERMONT MUTUAL FIRE INSURANCE CO.— Montpelier. 
Daniel Baldwin, Pres. ; Charles Dewey, Sec. 

WINDSOR CO. MUTUAL FIRE INSURANCE CO.— Woodstock. 
Norman Williams, Pres. ; Lynden A. Marsh, Sec. 

LIFE COMPANIES. 

NATIONAL LIFE INSURANCE COMPANY.— Montpelier. 
Julius Y. Dewey, Pres. ; Geo. W. Reed, Sec. 



26— RHODE ISLAND-STOCK AND MUTUAL FIRE INS. CO'S. 



Incorporated 


Name. 


Location. 


Capital 


President. 


Secretary, 


1799 


Prov. Washington, 


Providence, 


200,000 


John Kingsbury, 


Warren S. Greene. 


1800 


Providence Mutual, 


" 


Notes, 


Trustees (3), 


George Larned. 


1831 


American, 


" 


1.10,000 


A. O. Peck, 


Walker Humphrey 


1855 


Manufacturers Mut., 


" 


Notes, 


Horatio Rogers, 


Henry H Ormsbee. 


1848 


Pawtucket " 


Pawtucket, 


" 


G. C. Smith, 


Isaac Shore. 


" 


Rhode Island " * 


Providence, 


'• 


J. Y. Smith, 


A. H. White. 


" 


Roger Williams, 


" 


100,000 


R. W. Jackson, 


B. W. Comstock. 


1857 


Merchants, 


" 


150,000 


Wm. Comstock, 


Walter Paine. 


" 


Farmers Mutual, X 


E. Greenwich. 


Notes, 


J. T. Knowles, 


T. A. Reynolds. 


1852 


Atlantic, 


Providence, 


150,000 


S. Mauran, 


J. S. Parish. 


1854 


Firemens Mutual, * 


•' 


Notes, 


J. F. Phillips, 


John Eddy. 


" 


Franklin, " $ 


" 


Notes, 


Wm. M. Rodman, 


J. F. Driscoll. 


1855 


State " t 


" 


" 


J. Y. Smith, 


R. B. Chapman. 


1856 


Slater " + 


" 


" 


Daniel Hale, 


Wm. S. Coodell. 


<• 


Butler, " % 


" 


" 


E. P. Knowles, 


V. J. Bates, 


" 


Gaspee, 


" 


mo.ooo 


W. P. Blodget, 


E. Turner. 


1858 


Hope, 


" 


150,000 


Saml. Shove, 


Jos. Martin. 


'• 


Commercial, 


'• 


100,000 


J. A. Budlong, 


S. H. Arnold. 


" 


National Mutual, % 


' i 


Notes, 


G. L. Clarke, 


S. R. Ken von. 


" 


Prov. Fire & Marine 4 


" 


Notes, 


J. B. Pierce, 


Chas. G. Taft. 


1859 


Equitable, 




100,000 


Thos. G. Turner, 


F. W. Arnold. 



* Insure first class manufacturing property only. 
f One class for first class " " " 

| Insure miscellaneous risks. 
§ Insures buildings only. 



lii 



INSURANCE DIRECTORY. 



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27. 



-REPORT OF RHODE ISLAND BOARD OF INSURANCE 
COMMISSIONERS. 



Providence, February 25, 1862. 
To the Honorable General Assembly 

of the State of Rhode Island: 

The Undersigned Board of Commissioners, beg leave respectfully to report, 
that in conformity witb the provisions of Chapter 129 of the Revised Statutes, the 
Commissioners forwarded a Circular to all Insurance Companies in the State 



INSUEANCE DIRECTORY 



liii 



and to several Agents for Foreign Companies, doing business in Rhode Island, 
and have received the following statements from Companies in the State, viz : 

American Insurance Company, Providence, - - - 5 

Atlantic Fire and Marine Insurance Company, Providence, - 6 

Butler Mutual Fire " " " 



Commercial 

Equitable Fire and Marine 

Farmers Mutual Fire 

Firemens Mutual 

Franklin Mutual 

Gaspee Fire and Marine 

Hope 

Manufacturers Mutual Fire 

Merchants 

National Mutual Fire 

Pawtucket Mutual Fire 

Providence Washington 

Providence Mutual Fire 

Providence Fire and Marine 

Mutual Department 
Rhode Island Mutual 
Roger Williams 
Slater Mutual 
State Mutual 



East Greenwich 
Providence 



N. Providence 
Providence 



7 

8 

8 

9 

11 

11 

12 

13 

14 

14 

15 

16 

17 

18 

18 

19 

20 
21 
22 



FROM COMPANIES OUT OF THE STATE. 



^Etna Insurance Company. 






Hartford, Conn. 


24 


JEtna Life Insurance Compan 


y, 




» 


28 


Berkshire Life Insurance Company, 




Pittefield, Mass. 


30 


Charter Oak Fire and Marine 


Insurance Co . , 


Hartford, Conn. 


31 


City Fire 


" 


" 


" 


32 


City Fire 


" 


CI 


New Haven, Conn. 


34 


Conway Fire 


" 


" 


Conway, Mass. 


36 


Connecticut Mutual Life 


" 


" 


Hartford, Conn. 


37 


Dorchester Fire 


" 


" 


Dorchester, Mass. 


38 


Excelsior Fire 


" 


« 


New York. 


40 


Fulton Fire 


u 


it 


(i 


42 


Hampden Fire 


ii 


a 


Springfield, Mass. 


42 


Hartford Fire 


ii 


a 


Hartford, Conn. 


44 


Home 


ii 


a 


New York. 


4(5 


Humboldt Fire 


'• 


«< 


« 


48 


Lorillard Fire 


U 


« 


« 


49 


Manhattan Life 


« 


it 


a 


50 


Market 


" 


" 


u 


82 


Massachusetts Mutual Life 


" 


« ' 


Springfield, Mass. 


52 


Massasoit 
Merchants 


.< 


.£ 


Hartford, Conn. 


53 

54 


Hon tank 


t. 


« 


Brooklyn, N. Y. 


56 


Metropolitan Fire 


tt 


ii 


New York 


57 


Mutual Life 




(< 


>( 


58 



Hartford, Conn. 


63 


New York City. 


62 


Hartford, Conn. 


65 


Norwich, Conn. 


67 


Oswego. N. Y. 


68 


Hartford, Conn. 


69 


New York City 


71 


Worcester, Mass. 


72 


New York, 


74 


New York City. 


75 


Springfield, Mass. 


77 


"Worcester, Mass. 


79 


Augusta, Me. 


80 


Pittsfield, Mass. 


81 



liv INSURANCE DIRECTORY. 

Merchants and Farmers Mutual " " Worcester, Mass. 59 

Mutual Benefit Life " ' Newark. N. J., 51 

National Life lusurance Comp y " ' ; Montpelier, Yt. 60 

Northern Assurance Company ' ; " Aberdeen and London. 61 

New England Fire & Marine Insurance Co., 

New York Life *' " 

North American Fire 

Norwich Fire " 

North Western " •• 

Phenix Fire " " 

Park Fire " 

Peoples Mutual Fire " 

Republic Fire " " 

Security Fire, " " 

Springfield Fire and Marine " 

State Mutual Life Assurance 

Union Mutual Life 

Western Massachusetts 

The public are not probably aware of the very large interest which our citi- 
zens have in the safety of Insurance Companies doing business in this State. In 
addition to ihe amount of risks which they have in our home companies, the 
amount of risks which the people of Rhode Island bad in the Foreign Insurance 
Companies doing business in this State in the year preceding the first Monday of 
January, 1862, was eleven millions tivo hundred and twenty-five thousand nine hund- 
red and eleven dollars. And the amount of premiums which they are now paying 
annually for this amount of insurance to foreign companies is one hundred and 
twenty-th-ee thousand eight hundred and twenty dollars— about as much as the whole 
amount of the expenses of our State government, deducting the amount paid for 
schools. This is a very large amount paid by the citizens of the State for insur- 
ance protection to foreign companies, the number of which, doing business in 
this State, has more than doubled during the last four years, and the greatest 
vigilance should, it seems to us, be exercised, and the greatest care taken, to see 
that the insured have the security for which they pay their money. The State 
will receive in taxes upon foreign Insurance Companies the present year, two 
' thousand four hundred and seventy-six dollars and forty cents. 

The statements in the returns of the companies which hold charters from this 
State are entirely satisfactory. The returns of the home Stock Companies show 
that their capitals are all invested in Bank Stock, which are not ouly known to 
be sound, but which can be readily converted into cash to meet losses. The 
Banks in which their investments are made and the number of shares in each are 
named, as they should be. The home Mutual Companies are also, we think, safely 
conducted, since the deposit notes of the insured, generally about one-tenth of 
the risks taken. — which have been decided to be a lien upon the property insured 
— together with the amount of cash premiums received, constitute a safe guaran- 
tee against loss, imposition and uDj'ust exactions. 

The statements of the Foreign Companies all in terms and upon their face, 
comply with the laws of the State. We have no doubt that they are generally 
sound companies, with ample resources. But in some few of these foreign com- 
panies, a very large proportion of the investments are stated in the returns, to 
consist of ;i mortgages'" and a personal securities.'' 



INSURANCE DIRECTORY. lv 

Mortgages and personal securities are very general terms, and their value> of 
course, depends upon the character of such securities. They may be worth what 
they purport to be, or nothing. These are generally the shape and garb that fic- 
titious capital assumes in the statements of Insurance Companies, and should be 
regarded, in the absence of positive knowledge, as badges of weakness. Mort- 
gages upon good improved real estate, to the amount of one-half or two-thirds of 
its marked value, we consider are the very best kind of security for saving's In- 
stitutions, and for Life Insurance Companies having large accumulated capitals, 
and which have a large amount of funds upon which they have good reason to 
believe they will not be called upon to draw, either for deposits of the one class 
or for the losses of the other— and no suspicion can rest upon such investments, 
since it is known that the trust' es or directors of such corporations can have no 
inducement to invest in any other than the most substantial, safe, and solid secu- 
rities. But the case is different with small Fire and Marine Insurance Companies 
of limited capital. We can conceive of no good reason why such an Insurance 
Company, which may need its investments to meet sudden and unexpected losses 
and especially one which wishes to establish a good credit to do business upon in 
other States, which would seem to require a statement of its investments in stocks, 
whose value can be known everywhere, and estimated at a single glance, should 
invest its cash capital, if cash capital it really has, in securities inconvenient of 
conversion into available funds, and the value of which the public can never 
know except by a rigid scrutiny into such investments. We can easily conceive 
why a company of irresponsible men should resort to such contrivances, by 
which to make money, without capital. It is very easy for ten or twenty such 
individuals to meet and organise an Insurance Company, appoint a treasurer 
and borrow a hundred thousand dollars in specie of some broker or bank for a 
day or two to swear by, — that their capital stock was paid in, in cash — and then 
sent back the borrowed specie and substitute worthless mortgages and personal 
securities made by themselves. There can be doubt but this is the history of 
some Insurance Companies, a very large proportion of whose capitals are repre- 
sented to consist in mortgages and personal securities, though not perhaps in all 
of them. Our home Stock Companies, we believe, do not represent among their 
investments a single dollar of -'mortgages" or "personal securities.'' Their 
capital stand out in clean, open investments in stocks whose marked value is 
known everywhere— at home and in otber states, and which do not require the 
services of a lawyer for a week to ascertain the value of their investments. 

The real cash value of mortgages and personal securities, represented in the 
returns of an Insurance Company, cannot be accurately and satisfactorily ascer- 
tained, except by a careful examination of them in the hands of the companies 
holding them ; an examination of the mortgaged property, where it is located. 
and personal inquiry into the responsibility of the individuals whose securities 
are held, where they reside. 

The very limited compensation paid to the undersigned will not allow us to go 
ourselves or send one of our board into other States to examine, personally, into 
the real cash value of the mortgage, and personal securities stated in insurance 
returns. This is the course taken in some other States, where a larger expendi- 
ture is paid to insure safety to the citizens in the protection for which they pay 
their money. In the State of Massachusetts, for instance, we have the statement 
of the State Auditor of that State, that the following salaries and official expenses 
were paid to their Board of Insurance Commissioners, in the year 1861 : 



S3,000 00 


171 57 


1.000 00 


580 46 


$4,752 02 



lvi INSURANCE DIRECTORY. 

Two Commissioners, each $1,500, . 

do traveling expenses. 

do do Clerk, 

do Printing and incidentals, . 



The number of Foreign Insurance Companies doing business in Massachusetts 
is 52. and the number of Foreign Companies now doing business in this State 
is 41. 

This board has, in some instances, required some Foreign Insurance Companies 
to furnish evidence of the value of their mortgage securities, and bring witnesses 
from another State for that purpose. But the only safe course, it seems to us. in 
cases of doubt, is to visit the City or Town Clerk's and Assessors office and ex- 
amine the mortgage securities — see the property mortgaged— and, if the doubtful 
investments consist of " personal securities," examine the securities, see what 
they are, by whom given, and ascertain the responsibility of the persons who 
gave them. This is what individuals, careful of their personal interests, do, to 
satisfy themselves in relation to securities which they take themselves, and we 
know of no reason why equal care should not be tak^n to protect the interests of 
our farmers and other citizens who rely for information upon the published state- 
ments of Foreign Insurance Companies, doing business in this State. When they 
are paying annually nearly one hundred and twenty four thousand dollars to 
Foreign Insurance Companies alone, for the insurance of their property, the pro- 
tection, for which they pay their money, should be unfailingly true. And when 
it is considered that these companies have at risk from thirty to sixty times the 
amount of their stated capitals, it can be readily understood how important it is 
that the policy holders in this State should have the benefit of cash or available 
resources at least to the amount of their stated capitals. 

We have-.been led to make these remarks in consequence of the unfavorable 
experience which we have had in relation to the statement of mortgage securities 
in the returns of Fire and Marine Insurance Companies. The T'ident Insurance 
Company, in its returns Dec. 31, 1851, represented its capital actually paid in, 
to be $153,200, invested as follows : 

In Mortgages, ....... $142,000 00 

In Farm bonds, Railroad bonds, &c, .... 11,200 00 



$153,200 00 



When, a few weeks afterwards, we were, by an act of the General Assembly, 
passed at the January Session, 1859, authorized to examine into the affairs of home 
companies, we visited the office of the company in this city, we could find nothing 
available ; the Railroad bonds had been taken away by the Treasurer, and the 
mortgage of $142,000 was found to be worthless, purporting to be on land in some 
Western State, which was probably either fictitious or never owned by the mort- 
gagors. We made complaint to the Supreme Court, and asked for an injunction 
to be issued, and a receiver appointed, which was done, and we are informed 
that the Receiver appointed by the Court, never collected a dollar from the assets 
of the Company. 

Another instance of the little reliance to be placed upon insurance returns of 
Companies which state the greater part of tbeir investments to be in mortgage 



INSURANCE DIRECTORY. lvii 

securities, occurred the case of the State Fire Insurance Co of New Haven. 
This Company maintained an agency in this State during the years 1859 and 186Q. 
We are informed by the gentleman who acted as its agent, that he commenced 
closing off the business of the agency in February, 1861, by declining to issue 
policies or renewals after the first day of that month, on learning that the 
Company was not prepared to make its statement at once, in compliance with onr 
law ; though assured that this would speedily be done, after a fresh subscription 
and payment of stock, to remedy the' effect of some heavy losses. Assurances were 
at the same time given of the entire safety of policy holders, notwithstanding 
some severe losses to the Company ; assurances which were supported by the pay- 
ment of a heavy loss at this agency of $2,332, about one month later, in March 
9th, 1861. At this time the agent was desired to resume business, but declined 
to entertain the subject till the promised arrangements should be fully com- 
pleted. 

About five months after this suspension of business by the Rhode Island agent, 
the Company gave notice to its policy holders of its embarrassed condition, and 
took measures for a general suspension of business ; recommending a surrender 
of outstanding policies, the unearned premiums thereon to be adjusted in the 
final settlement of the affairs of the Company. In consequence of the more 
timely action of the agent, already stated, this event found comparatively few of 
the policies outstanding in this State, and those few having generally but a short 
time to run. The small sums which were due for unearned premiums on these 
policies, are the only claims of our citizens upon this Company, all losses tit 
this agency having been fully paid. 

This,Company, while doing business in this State, stated, in its sworn returns, 
that its capital was $200,000, of which $138,100 was represented to be invested 
in mortgages. The President of the Company was represented to us by gentle- 
men in this city, who knew him, to be a very respectable citizen of New Haven, 
who with the Secretary, in both of the years 1859 and 1860, swore that the capi- 
tal stock was paid in, in cash. The returns, in both years, were, upon their face, 
quite satisfactory, and if the statements contained in them had been true, would 
have shown the Company to have been in good condition. The agent of the 
Company in this city — a very worthy and respectable man — was himself deceived 
in relation to the soundness of its affairs, and did not suspect until February, 
1861, that there was anything wrong in the sworn returns of its affairs. When 
he did discover the rottenness of the Company, like a faithful and honest man, he 
immediately notified the policy-holders in this State of the fact, and advised 
them to surrender their policies, which was generally done. No blame, we think, 
should attach to him for the deception practiced by the officers of the Company 
in New Haven. This Company finally failed and went into liquidation in June, 
1861. 

As the history of this Company may afford instruction and profit, we here in- 
sert it as given in the recent report of the Board of Insurance Commissioners of 

Massachusetts : 

************** 

Fortunately for those citizens of our owu State who paid their money to this 
Company for what they supposed to be good protection for the risks taken in 
Rhode Island, they have sustained no losses. There are a few claims for un- 
earned premiums, but the losses which happened during the year 1860 were 
paid, and the risks taken in this State, we are informed, have all expired t>r 
nearly so. 



lviii 



INSURANCE DIRECTORY. 



There are a few foreign Insurance Companies whose returns are published in 
this report in relation to whose mortgage investments we are now making a rigid 
enquiry, and have, through their agents, proposed such searching questions as 
must, if truly answered under oath, probe their resources to the bottom. Upon 
the answers which we receive, we shall act. We are determined to do all in our 
power to render secure the insurance which our citizens pay for and ought to 
have. 

JOHN R. BARTLETT, 
WILLIAM R. WATSON, 
SAMUEL A. PARKER, 

Commissioners. 



28 COUNTRY COMPANIES IN PENNSYLVANIA. 

CENTRAL INSURANCE COMPANY -Harrisburg. 

CITIZENS' INSURANCE COMPANY— Pittsburg. 

DOYLESTOWN INSURANCE COMPANY-Buck/s County. 

EUREKA INSURANCE COMPANY— Pittsburg. 

FIRE INS. CO. OF THE COUNTY OF PHILADELPHIA. 

FIRE INS. CO. OF NORTHAMPTON COUNTY. 

INLAND INSURANCE & DEPOSIT COMPANY— Lancaster. 

KETTANNING INS. COMPANY— Armstrong County. 

LYCOMING COUNTY MUTUAL— Memcy. 

MINERS' LIFE INS. & TRUST COMPANY— Pottsville. 

MONONGAHELA INS. COMPANY— Pittsburg. 

MORRISTOWN INS. & WATER COMPANY. 

POTTSVILLE LIFE INS. & TRUST COMPANY. 

WESTERN INS. COMPANY— Pittsburg. 



29-L.ICENSED AGENTS OF OTHER STATE COMPA- 
NIES IN PENNSYLVANIA. 



E. R. Darlington, 

Darlington & Blackstock, 

Wm. P. Jones. 
Walter Chester, 
R. C. Loomis, 
Holbrook & Lewis. 
R. C. Smith. 
C. Fuller, 

J. L. Gore. 

R. D. Lacoe, 

J. B. McFadden, 

James Black, 

R. S. Smith, 

W. D. Sherrard, 

Joseph M. Reichard 

Wm. P. Jones, 

James W. Arrott, 

A. A. Carrier & Brother, 

Billings & Strond, 



Washington, N. Y.. 
Manhattan. 
Continental, 
Lorillard. 
Hartford Fire, 
Home, New York. 
Home, N. Y., & Phoenix Hartf 
International Life, 
JStna, Hartford. 
Hartford Fire, 
Hartlord Fire, 

Home, Manhattan and Metro- 
politan, N. Y., 
Home, New York, 
Metropolitan. 

Commercial Fire & Irving,N.Y, 
Hartford Fire, 
Liverpool & London, 
Unity, London, 
German ia Life. 
Hartford Fire, 
Northern. London, 
iEtna, Hartford, 

Home, New York, 



Pittsburg. 



Pittsburg. 
Erie County. 
d,Harrisburg. 
Philadelphia. 
Lucerne County. 
Scran ton. 

,- Carbondale. 



Pittsburg. 
Philadelphia. 

Pittsburg. 



I Montrose, Susquehan 
\ na Co. 



INSURANCE DIRECTORY. lix 

30-IL.LINOIS. 

INSURANCE AND TRUST COMPANIES IN CHICAGO. 

THE UNION INSURANCE AND TRUST COMPANY. 

Chartered 1861. Capital $200,000. Cash Capital and Surplus $126,810,96. 

President, Benjamin Lombard ; Vice-Pres., Van H. Higgins ; Sec., B. F. Johnson ; 

Treas., Francis A. Hoffman. 

WESTERN WORLD INSURANCE AND TRUST COMPANY. 

Lucian J. Bisbie, Secretary. 

[Reported not in operation.] 

MERCHANT'S SAVING LOAN AND TRUST COMPANY. 

Organized 1857. Capital $50,000. 

Pres., Hon. John H. Dunham ; Vice-Pres., H. H. Magie ; Cashier, D. R. Holt. 

FIRE AND MARINE COMPANIES. 

CHICAGO FIREMEN'S INSURANCE COMPANY. 

Capital $200,000. Assets $229,550,57. 

Pres., Thomas Church ; Sec, C. N. Holden. 

HOME MUTUAL FIRE INSURANCE COMPANY. 

Organized 1861. 

Pres., J. H. Woodvvorth ; Treas., Robert C. Wright ; Sec, Alonzo Cutler. 

THE UNION INSURANCE AND TRUST COMPANY, (as above.) 

WESTERN WORLD, 
ILLINOIS MUTUAL FIRE INSURANCE COMPANY -Of Alton. 
Chartered Feb. 23, 1839. Organized April 4, 1839. 
Capital one million dollars. 
Issues six years policies. Does no business outside of the State. Reports losses 

paid $700,000. 
M. G. Atwood, Pres. ; Lewis Kellenberger, Treas. ; John Atwood, Sec ; John 
Blaisdell General Agent ; J. E. Howard, Assistant Agent. 



LIFE INSURANCE COMPANIES IN CHICAGO. 

CHICAGO MUTUAL LIFE INSURANCE COMPANY. 

Organized 1861. Capital reported $100,000. 

Pres., John B. Turner ; Sec, C. N. Holden. 

KNICKERBOCKER LIFE INSURANCE COMPANY. 

B. F. Johnson, Vice-Pres., at Chicago. 

INSURANCE AGENTS IN CHICAGO. 

Ash, Isaac, Atwater, Samuel T., Baker, George, 

Bascombe & Palmer, Beebe, L. A.. Bridgeman, W. H., 

Brooks, Joseph, Ellsworth, Lemuel, Gibson & Chase, 

Olmsted, L. & Co., Olcott & Boyd, Phillips, B. W. & Co., 

(A. M. Ward & J. Dorchester,) Phillips, Thos. F., Greenebaum Bros., 

Hall & Co., Higginson & James. Johnson, B. F., 

Holden, Chas. N., Hubbard & Hunt, Irwin, C. W.. 

Levanway, Wellington, Magill, Charles J.,~ Miller & Willmarth. 



lx INSURANCE DIRECTORY. 

Prussiag. Ernst, Rogatz, John H.. Rollo, William B.. 

Small, James S.. Smith, Samuel C, Stoner & Co . 

Steele, A. J. & Co. Underwood, J. H. Van Wagenen & Jordan. 

Wadsworth. James, White, Julius, Wright. J. Augustus. 

THE CHICAGO MARINE AND FIRE INSURANCE COMPANY. 
On Lake Street, corner La Salle. 
It was chartered in 1836, and reorganized in 1849, with a privileged Capital of 
§500,000 ; but it is conducted solely as a banking institution. 



COUNTRY COMPANIES IN ILLINOIS. 

PEORIA MARINE AND FIRE INSURANCE COMPANY, 

At Peoria. 

Chartered Capital $500,000 ; reported paid up $300,000. 

Assets, S329, 934,03. 

Pres., Isaac Underbill ; Vice-Pres., Alex. G. Tyng ; Sec, Chas. Holland. 

CITY FIRE INSURANCE COMPANY— Peoria. 

Authorized Capital, $500,000. Paid up $100,000. 

Peter Sweat, Pres. ; D. D. Irons, Sec. 
STEVENSON COUNTY MUTUAL -Fiveport. 
ILLINOIS MUTUAL —Alton. 
WINNESHECK INSURANCE COMPANY,- Of Freeport. 
Guarantee Capital, (advd..) $100,000. Surplus, 5,705,86. 
Officers :-- J. Wilson Shaffer, Pres. ; Luther D. Atkins, Vice-Pres. ; AVm. S. Gray 
Treas. ; T. Ormsbee, Sec. 
FARMER'S INSURANCE COMPANY,— Freeport. Illinois. 
Capital and Surplus (advd..) $115,357.86. 
Officers :— George F. De Forest, Pres. ; H. N. Hibbard. Vice-Pres. ; J. H. Sunder- 
land, Treas. ; A. S Long, Sec. 
• FARMER'S AND MERCHANT'S INSURANCE COMPANY— Of Quincy. 
(Mutual,) Wm. N. Cline, Pivs. : W. R. Van Frank. Sec. 



31-KEjVTUCKY. 

INSURANCE COMPANIES OF LOUISVILLE. 

AMERICAN INSURANCE COMPANY. 

Organized 1858 ; Capital $500,000 ; paid in 100,000. 

Captain J. K. Bell, Pres. ; Henry Dent, Sec. 

COMMERCIAL INSURANCE COMPANY. 

Organized 1856 ; Capital Secured, $150,000. 

Thos. J. Martin, Pres, ; P. B. Atwood, Sec. ; 

FRANKLIN INSURANCE COMPANY. 

Organized 1839 ; Capital, $100,000. 

James Trabue, Pres. ; Aham Hote, Sec. 

GERMAN INSURANCE COMPANY. 

Priv. Capital, $500,000 ; Cash paid on hand $600,000. 

Jacob Laval, Pres. ; Carl Bretgenbach, Sec. 



INSURANCE DIRECTORY. 



lxi 



JEFFERSON INSURANCE COMPANY OF LOUISVILLE. 

Organized 1853 ; Capital $125,000. 

John Muir, Pres. ; Wm. Muir, Sec. 

KENTUCKY FARMER'S MUTUAL INSURANCE COMPANY. 

Organized 1858 ; 

J. B. O'Baunon, Pres. ; Edwd. D. Hobbs, Vice-Pres. 5 J. A. Peyton Sec. 

KENTUCKY AND LOUISVILLE INS. COMPANY. 

Organized 1839. 

Thomas Coleman, Pres. ; A. F. Whitestone, Sec. 

LOUISVILLE INS. COMPANY. 
Organized 1854 ; Cash Capital, $409,000 ; Sec. Capital, $100,000. 
D. S. Benedict, Pres. : Wm. Pratber. Sec. 

LOUISVILLE MARINE INS. COMPANY. 

Organized 1858 ; Capital priv. $200,000 ; Paid up $100,000. 

George W. Meriwether, Pres. ; William Tinton, Sec. 

PEOPLES INS. COMPANY. 

Cash Capital, $$400,000; Paid in and Sec. $1000,000. 

R. Burge, Pres. 5 H. A. Dumesnil, Vice-Pres. ; Joseph L. Danfortb, Sec. 

WASHINGTON INS. COMPANY OF LOUISVILLE. 

Organized 1856 ; Capital $500,000 : amount secured $120,000. 

Wm. Jarvis, Pres. ; Wm. Ross, Sec. 



Barclay, George, 
Hite, Abraham, 
Tinton, William, 



INSURANCE AGENTS IN LOUISVILLE, 

Bullock & Pearce, 
Kennedy, Thos. S. & Bro., 
Timberlake, Henry H., 
Vernon. W. S. & Sons. 



Danforth, J. L., 
Ross, William, 
Tyler, James E. & Co. 






32-MICHIGAN. 

INSURANCE COMPANIES. 
MICHIGAN STATE INSURANCE CO.— Adrian. 
John J. Adams, Pres., Henry J. Hart, Vice Pres., Royal Barnum, Sec. 
GERMAN FARMERS FIRE INS. CO.— Ann Arbor. 
WASHTENAW MUTUAL INS. CO.— Ann Arbor. 
FARMERS' MUTUAL FIRE INS. CO.— Berrien, Niles Co. 
" " " " Jackson, Jackson Co. 

" " " " Calhoun, Marshall Co. 

" " 4 ' " Lenawee, Tecumseh. 

OAKLAND CO. FARMERS' MUT. INS. CO. of Oxford. 
SHIAWANEE MUTUAL FIRE INS. CO. of Owosso. 
Note. — All mutual Companies doing a very limited amount of business and 
confined to farm property. The principal business of the State is transacted by 
other state companies, of which 80 are licensed for 1862. No report on insurance 
is made by any of the public departments. 



lxii INSURANCE DIRECTORY. 

INSURANCE AGENTS IN DETROIT, MICHIGAN. 
Bara, Augustin, 229 Macomb St.. Barse, W. H. & Son. 4 Woodward Av. 

Biddle & Stanton. JefFn. Av.. DunvernoK Fred. W., 7 ) Griswold st, 

Hebberd. Chas., 70 Griswold St.. Hoffman. G. W., 3 Merrill Block. 

Lindsay, Archibald G., 70 Griswold st.. Noyes. A. G.. Old Odd Fellows Hall. 
Palmer John, 2 Merrill Block, Philips James W., Woodward Av. 

Rumes. John C, 3 Merrill Block, Strong. John W., ?A Griswold st. 

Vernon, B , 45 Griswold st.. Whiting, J. L. & Co.. 53 Griswold st. 

Worcester, Ira. 45 Griswold street. 



33 MISSOURI. 

INSURANCE COMPANIES IN ST. LOUIS. 

AMERICA INS. CO. Incororated 1855. Capital, $150,000. 
James M. Hughes, Pres., W. I). W. Barnard. Vice Pros.. S. R. Clarke, Sec. 

ATLANTIC INS. Co. Organized 1851. Authorized capital. 8500,000. 
Moses S, Pottle, Pres., Phillips Crow. Vice Pres., C. C. Ferguson. Sec. 

CITIZENS' INS. CO. OF MISSOURI. Cash capital 8175.000. 
J. H. Oglesby, Pres.. W. II. Benton, Pres. pro tern. : Win. D. Wood, Sec. 

COMMERCIAL INS. CO. OF ST. LOUIS. Incorporated 1855. Capital $100,000. 
Louis V. Bogy Pres., C. S. Hunt, Vice Pres., James E. Darst, Sec. 

EQUITABLE MUTUAL INS. CO. Incorporated 1860. 
Eneas McFaul. Pres.. Solomon H. R. Robbins, Vice Pres . J. F. Young, Sec. 

EXCHANGE INS. CO. Organized 1859. Capital, 8200,000. 
John T. Douglass, Pres., H. A. Homeyer, Vice Pres., D. B. Wilson, Sec. 

FRANKLIN INS. CO. Organized 1855. Capital 8200,000. 
Wm. D. Buch, Pres., C. F. Thayer. Vice Pres., Louis Duestrow, Sec. 

GLOBE MUTUAL INS. CO. Organized 1853. Capital, $150,000. 
W. W. Green. Pres., D. S. Caster. Vice Pres., C. D. Blossom, Sec. 

HOME MUTUAL INS. CO. Organized 1845. Premium notes, face amount. 
Isaac L. Garrison, Pres., T. L. Salisbury, Sec. 

HOPE MUTUAL FIRE INS. CO. OF ST. LOUIS. 
Thos. E. Tutt, Pres., A. F. Shapleigh, Vice Pres., Isaac M. Veitch. Sec. 

LACLEDE MUTUAL FIRE & MARINE INS CO. 

R W. Powell. Pres., John Baker. Sec, D. Durkee, Treas. 

LUMBERMEN & MECHANICS INS. CO. Organized 1851. Capital (aulh) $200,000— 

paid in $100,000. 
B. M. Runyan, Pres.. John N. Pritchard, Sec. 

MARINE INS. CO. OF ST. LOUIS. Organized 1S3G. Capital, $150,000. 
Daniel Hough, Pres.. Henry H. Hough. Sec. 



INSURANCE DIRECTORY. lxiii 

MERCHANTS & MANUFACTURERS* INS. CO. OF ST. LOUIS Capital author'd- 
$1,000,000. 

John T. Dowdall, Pres., S. B. Shaw, Sec. 

MERCHANTS MUTUAL INS. CO. Capital $500,600. 
H. J. Bodley, Pres., Wm. Morrison, Vice Pres., Samuel H Lowry, Sec. 

MILLERS' & MANUFACTURERS' INS. CO. Capital $150,000. 
J. A. Brownlee, Pres.. John W. Luke, Vice Pres., Sec. 

MISSOURI STATE MUTUAL FIRE & MARINE INS. CO. Organized 1849. 

Capital $500,000. 
Stephen M. Edgell. Pres., C. H. Peck, Vice Pres., Richard S. Elliott, Sec. 

MOUND CITY MUTUAL FIRE & MARINE INS. CO. OF ST. LOUIS. Incorporated 

1855. Capital $500,000. 
Daniel R. Garrison, Pres., Charles K. Dickson, Vice Pres., David H. Bishop, Sec 

NATIONAL INS. CO. OF ST. LOUIS. Incorporated 1859. Capital $100,000. 
Cornelius Voorbis. Pres., Win. Mitchell, Vice Pres.. Francis McFaul, Sec. 

PACIFIC INS. CO. Capital authorized $200,000, paid in $100,000. 
John McNeil, Pres., Alexis Mudd, Vice Pres., Walter B. Foster, Sec. 

PHOENIX INS CO. Organized 1849. Capital $250,000. 
John How, Pres., A. F. Shapleigh, Vice Pres., W. H. Pritchartt. Sec. 

ST. LOUIS FLOATING DOCK & INS. CO. Organized 1837. Capital $130,000. 
Walker R. Carter, Pres., John C. Bull, Vice Pre?., Wm. J. Fetter, Sec. 

ST- LOUIS INS. CO. Organized 1837- Capital, $300,000. 
George K. McGuinegle, Pres., Thos. Webster, Sec. 

ST. LOUIS MUTUAL INS. CO. Organized 1851. Capital $050,000. 
John C. Vogel, Pres., Fred. Bergesch, Treas., A. Thuemmier, Sec. 

ST. LOUIS PERPETUAL IXS. CO. Organized 1837. Capital $200,000. 
Wayman Crow, Pres., S. A. Ranlett, Sec. 

SUN MUTUAL INS. CO. Organized 1859.. Premium notes, face amount. $85,000. 
Wm. A. Nelson, Pre.. Albert G. Trevor, Sec. 

UNION jN3. CO. Organized 1837. Capital $200,000. 
F. L. Ridgely, Pres., John Da' C. Taylor, Sec. 

UNITED STATES INS. CO. Organized 1855. Capital $150,000. 
John J. Roe, Pres., D. A. January, Vice Pres., Wm. G. Petters, Sec. 

WASHINGTON MUTUAL FIRE INS. CO. OF ST. LOUIS. Organized 1857. , 
Chas. W. Gottschalk, Pres., Arthur Olshausen, Sec. 

WESTERN MUTUAL FIRE & MARINE INS. CO. OF ST. LOUIS.. Organized 1857. 
Oliver A. Hart, Pres., R. M. Parks, Vice Pres., D. B. Wilson, Sec. 



LIFE INSURANCE COMPANIES IN ST. LOUIS. 

GERMAN MUTUAL LIFE INS. CO. OF ST. LOUIS. Chartered (perpetual) Nov. 

23, 1887. Guarantee Fund, $50,000. 
Chas. W. Horn, Pres., F. A. H. Schneider, Vice Pres., Arthur Olshausen, Treas 

and Secretary. 



ixiV INSURANCE DIRECTORY 

ST. LOUIS MUTUAL LIFE INS. CO. 
Samuel Willis. Pres., Daniel H. Donevan, Vice Pre?., John W. Wills, Treas., W. T. 

Seiby. Secretary. 

THE COVENANT MUTUAL LIFE INS. CO. OF ST. LOUIS. Organized 1853. 

Guarantee Fund, $50,000. 

Gerard B. Allen, Pres., Hon. Samuel Treat, Vice Pres., Isaac M. Veitch, Sec. 

ST. LOUIS FIRE INSURANCE AGENTS. 

Budd, George K. & Son, Fisk, Clinton B., Fowler Edwin, 

Godfrey & Brother. Hough, Henry \Y., Mack &Bigelow, 

Stagg & Bro. 
LIFE INSURANCE AGENTS. 
Godfrey & Bro . Hough, H. W., Olshausin, Arthur. 






35-LOUISIANA. 

INSURANCE COMPANIES OF NEW ORLEANS. 

UNION INSURANCE CO— Corner St. Charles and Canal Streets. 
Fire & Marine. 

Assets $587,294.17 

Income for Year ending April 33th. 18(52 210,960.89 

A. Chiapella. Pres. 
W. G. Crawford, Sec. pro tern. 
[Organized 1857.] 

CRESCENT MUTUAL INS. CO. 
Fire Marine & Life. 

Assets $1,400,730.46 

Income for Year ending April 30th, 1862 434,415.79 

Thos. A. Adams, Pres. 
George Jonas, Vice l'res. 
G. W. Spratt, Sec. 
[Organized 1849.] 

LOUISIANA MUTUAL INS. COMPANY. 
Fire, Marine & Inland. 

Assets $771,829.36 

Income for Year ending March 1, 1862 428,257.86 

Charles Briggs, Pres. 
J. P. Roux, Sei. pro iem. 
[Organized 1854.] 
SUN MUTUAL INS. CO. OF NEW ORLEANS. 

Fire, Marine & Inland. 

Assets $1,326,050.46 

Income for Year ending Dec. 31st, 1861 531,868.81 

Thomas Sloo, Pres. 

James D. Deuegre, Vice Pres. 

James Edwards, Sec. 
[Organized 1856.] 



INSURANCE DIRECTORY. IxV 

CITIZENS' MUTUAL INS. COMPANY. 
Fire, Marine & Inland. 

Assets $327,977.50 

Income for Year ending Dec. 1st, 1861... 251,123.26 

Omar Gaillard, Pres. 
A. Schreiber, Sec. 

LOUISIANA STATE MUTUAL INS. CO. 
Fire, Marine & Inland. 

Assets '. $280,148.61 

Income for Year ending Oct. 1st, 1861 191,395.71 

E. Ganucheau, Pres. 
A. Picolet, Sec. 
[Organized I860.] 

HOPE INSURANCE CO. OF NEW ORLEANS, 
Fire, Marine & Inland. 

Assets, May 1st. 1862 $229,635.16 

Income for Year ending April 30th, 1862 70,818.19 

H. Peychand, Pres. 
Louis Barnett, Sec. 
[Organized 1857.] 

MERCHANTS' MUTUAL INS. CO. OF NEW ORLEANS. . 
Fire, Marine & Inland. 

Assets, Jan. 1st, 1862 $913,441.64 

Income for Year ending Dec. 31st, 1861 850,043.70 

John Pemberton, Pres. 

Charles Le Sassier, Sec. 

[Organized 1854.] 

HOME MUTUAL INS. CO., OF NEW ORLEANS. 
Fire, Marine & Inland. 

Assets Jan. 1st, 1862 $1,338,306.77 

Income for Year ending Dec. 31st, 1861 433,725.47 

Alexander Brother, Pres. 
John R. Shaw, Vice Pres. 
James H. Wheeter, Sec. 
[Organized 1852.] 

STAR MUTUAL INS. COMPANY. 
Fire, Marine & Inland. 

Assets, August 1st, 1861...; $195,906.90 

Income for Year ending July 31, 1861 203,536.70 

Emile de Buys, Pres. 
J. D. Bellacune, Sec. pro tcm. 
[Organized I860.] 

E 



Ixvi INSURANCE DIRECTORY. 



36-NEW JERSEY. 

OFFICERS OF NEW JERSEY INSURANCE COMPANIES. 
FIRE, MARINE, AND LIFE. 

BAILEY, JOHN C. Sec Citizens' Fire, Orange. 

COWLES, S AiML. B Clinton Mutual, Newark. 

CRANE, THOS. S, Sec State Fire, J. C. 

DODD, DANIEL, Sec New Jersey Ins. Co., Newark. 

GARTH WAITK, J. C, Pres. . . .New Jersey Ins. Co., Newark. 
GOULD, STEPHEN G., Pros.. . American Mutual Fire. Newark. 

GOPSILL, JAMES, Sec Hudson County Mutual, J. C. 

GRAHAM, ED. S , Sec Mechanics' Fire, Newark. 

GROVEPt, LEWIS C, Vice-Pres. Mutual Benefit Life, Newark. 

HEATH, CHARLES, Pres Citizens' Fire, Orange. 

MYER, WM. A., Pres Mechanics' Fire, Newark. 

MERCHANT, SILAS, Pres Merchants Mutual F. & M., Newark. 

MILLER, BENJAMIN C, Sec. .Mutual Benefit Life, Newark. 
NEUMINGER P., Vice-Pres.. . .Newark Fire and Marine, Newark. 
NEWARK FIREMEN'S INSU- 
RANCE CO 2o3 Broad Street. 

PATTERSON, KOB'T L., Pres. .Mutual Benefit Life, Newark. 

PAULM1ER, JESSE, Sec Jersey City Fire, J. C. 

PENNINGTON, WM., Pres . . .Newark Mutual Fire, Newark. 

PIERSON, EDWARD, Sec Newark Fire and Marine, Newark. 

PONIER, HORACE J, Pres. ... Newark Fire and Marine, Newark. 

POWLES, HENRY, See Merchants Mutual F. &M., Newark. 

RANDALL, ERASTUS, Pres.. .Hudson Countv Mutual, J. C. 
SAYRE, MOSES, Vice Pres .. . Newark Mutual Fire, Newark. 

SAVAGE, GEO. W., Pres Jersey Ci-y Fire, J. C. 

J. W. SAVAGE, Pres State Fire, J. C. 

WOODHULL, J. H., Sec American Mutual ]?ire, Newark. 

WOODRIJFF, C. M., Sec Newark Mutual Fire, Newark. 



AGENTS IN NEW JERSEY. 

King & Bond, 29G Broad Street. Newark, agents for ./Etna, Hartford, Continen- 
tal, Firemens'. Howard, City Fire, Jefferson and JEtna of New York. 

Sfarixg, Brothers, 265 Broad Street, agents for several New York Fire Com- 
panies, i 

M. Daniels, Broad Street. Metropolitan. Atlantic, Fulton and Market, New York. 

C. M. Woodruff, 240 Broad Street. Merchants', Phoenix. Jersey City, Commer- 
cial, Continental, Mechanics and Traders. New York. 

A. E. Ballard & Co., (Aaron E. Ballard "and John Wood.) 174 Market Street, 
Newark, Brokers and Agents. American, Mutual Life. 

W. Ball. 174 Market Street. Newark, for New York Life. 

— Goble Broad Street, Newark, Mutual. Life. New York. 

R. Y. R. PektvTxe. general agent, 244 Broad Street, Newark, 

Cuarles A. Lent, do 317 do do 

Henry C. Terhune. do 287 do do 

Chakles Heath, Orange, President of "Citizens.' 7 



INSURANCE DIRECTORY. IXV11 

FIRE AND MARINE INSURANCE COS. AND AGENTS. 



a 








<D S! 

w be 
o 


Name of Company. 


Location. 


Capital or 
Assets. 


1846 


American Mutual Fire, 


Newark, 


$250,817 


1848 


Bellville Mutual Fire, 


Bellville, 


10.000 


1860 


Citizens Fire, 


Orange, 


50.000 


1848 


Clinton Mutual Fire,, 


Newark, 


75.000 


1854 


Commercial Fire, 


Jersey City, 


150.000 


1843 


Hudson County Mutual Fire, 


Jersey City, 


675,000 


1850 


Elizabetbtown Mutual Fire, 


Elizabeth, 


115,000 


1844 


Essex County Mutual Fire, 


Bloomfield, 


60.000 


1S47 


Jersey City Fire, 


Jersey City, 


150.000 


1824 


Mechanics' Fire Insurance Co., 


Newark, 


100.000 


1848 


Merchants' Mutual Fire. 


Pennington, 


50,000 


1858 


Merchants' Mutual Fire & Marine, 


Newark. 


50.000 


1831 . 


Mount Holly Mutual Fire, 


Mount Holly, 


50.000 


1854 


Newark Firemens' Insurance Co., 


Newark, 


50,000 


1860 


Newark Fire & Marine, 


Newark, 


200,000 


1811 


Newark Mutual Fire, 


Newark, 


228,000 


1831 


New Jersey Insurance Company, 


Newark, 


90,000 


186a 


State Fire. 


Jersey City, 


50.000 
52,403,817 




LIFE INSURANCE C( 


5MPANT. 




1845 


Mutual Benefit Life, 


Newark, 


$4,109,353 45 



37-WASHINGTON & GEORGETOWN, D. C, FIRE INS. 

AGENTS. 

POTOMAC INS. CO., GEORGETOWN, D. C. 
John Marbury, Pres., Henry King, Sec, Wm. M. Davis, Clerk. 

FIREMEN'S INS CO. OF WASHINGTON AND GEORGETOWN. Capital, $200,000. 
James Adams, Pres., Abbe G. Davis, Sec. 

FRANKLIN INS. CO. Capital, $125,000. 
J. P. Ingle, Pres., Chas. Bradley, Sec. 

MUTUAL FIRE INS. CO. Capital, $125,000 
Ulysses Ward, Pres., Chas. AVilson, Sec. M. G. Emery, Treas. 

INSURANCE AGENTS IN WASHINGTON. 

De Selding, Charles, 507 West 7th st. Hanson, Thos M., 520 West 7th sL 

Hodge, Wm. L., 15tb st West, nr. Penn. av. Lewis, J. C, 492 7th st. West. 
Lewis, J. H., 492 7th st. West, Ogden, M. L., 456 15th st. W^est. 

Higgles, John. 346 Penn. Av. 



Ixviii INSURANCE DIRECTORY 

38-IOWA. 

INSURANCE COMPANIES AND AGENTS. 

List of Companies which have filed Statements ex Auditor's Office." 

AMERICAN INSURANCE COMPANY, of Dubuque. 

DENMARK •• Denmark. 

IOWA STATE " " Keokuk. 

FARMERS' •• < ; Cedar Rapids. 

IOWA MUTUAL " « . Wyoming. 

INDEPENDENCE •• •• Independence. 

IOWA •• « Oskaloosa. 

MUSCATINE '• " Muscatine. 

AGENTS. 

Thomas D. Smith. Muscatine. 
Robert Simpson. Davenport. 
Henry B. Hoffman, Davenport. 
John L. Switz, Davenport. 
Wm. F. Ross. Davenport. 
Cook & Dawson, Dcsm jines. 
Warren Hussy. Desmoines. 

AGENTS IX DUBUQUE. 

Mathews J: CoXBAD for Liverpool & London. 

Littleton & Smith for .Etna Fire of Hartford. 

lx & Co.. for Hartford Fire, Connecticut A City Fire of Hartford. 

Mi Aclis.'N lor Unity of London. Goodhue. Continental. North American, Secu- 
rity. Manhattan & Lorillard of X. Y., & Phoenix Fire of Brooklyn. 

John H. Lull for Home Fire. N. Y.. Phcedx, New England Fire, North Ameri- 
can, and Merchants of Hartford, and Western Massachusetts, of 
Pittsneld. 



39-IXDIAXAPOL1S, IXDIAXA. 

INSURANCE COS. AND AGENTS. 

WHITE RIVER VALLEY IS"8. CO. 

Anderson. G. P. Davis. C. B.. Dunlop, J. S. 

Hayden, I. J., Henderson. Wm , Locke & Bro. 

Spann & Love. 



INSURANCE DIRECTORY. Lxix 

40- WISCONSIN, 

INSURANCE COMPANIES AND OFFICERS. 
commercial insurance company, Milwaukee. 

Capital, $300,000 5 Assets, $222,297 15. 

President, J. J. Talmadge ; Secretary, James B. Kellog ; 

Treas., M. S. Scott ; Marine Inspector, J. II. Lane. 

DODGE COUNTY MUTUAL. 

Assets, $60,851 04. 

GERMANTOWN FARMERS' MUTUAL. 

Assets, $39,876 53. 

GERMAN MUTUAL. 

Assets, $1,887 68. 

MADISON MUTUAL, Madison. 

Assets, $110,38!) 49. 

MILWAUKEE MUTUAL EIRE Milwaukee. 

Assets, $65,186 39. 

Pres., S. S. Daggett ; Sec, P. B. Hill ; Agt, M. L. Skinner. 

' MECHANICS' MUTUAL, Milwaukee. 

Assets, $46,923 19. 

Pre?., Christian Presisser ; Sec, Miller 5 General Agt., Justus Reinhold. 

MERCHANTS' AND TRADERS', Milwaukee. 

Capital, $100,000 ; Assets, $120,940 82. 

Pres., Syd. L. Rood ; Sec, Edw. E. Bowns ; Treas., E. D. Holton ; 

General Agent, Horace Belden. 

♦MILWAUKEE CITY. 

Pres., D. J. Johnston ; Sec, A. L. Walrath ; Attorney, H. L. Palmer ; 

General Agent, S. S. Conover. 

•MERCHANTS' MUTUAL, Milwaukee. 

Pres., L. W. "Weeks ; Sec, P. W. Burrows ; Treas., D. Ferguson. 

*PH(ENIX INSURANCE COMPANY, Milwaukee. 

Pres., O. Alexander ; V. P., J. Bonnell ; Trea. and Sec, D. McDonald. 

Notk. — Those Companies marked thus *made no return to the Governor in 1861 



LA CROSSE. 

C. W. Marshall, Agent for 
North American, of Hartford ; Phoenix and Niagara, N. Y. ; Mutual Life, of 
Wis., and Charter Oak Life, of Hartford. 



INSURANCE AGENTS IN MILWAUKEE. 

0. Alexander, I. H. Crampton, J. C. Montgomery. 
Allis & McGregor, Robert Eliot, W. T. Palmer, 

H. Belden, J. L. Helfenstein, Justus Reinhold, 

C. J. Cary, L. J. Higby, M. L. Skinner, 

S. S. Conover, W. H. Holland, John White, 

1. W. Clain, W. J. Whaling, General Agent .-Etna Fire. 



1XX INSURANCE DIRECTORY. 

LIFE INSURANCE COMPANY, MILWAUKEE. 

MUTUAL LIFE INSURANCE COMPANY OF WISCONSIN. 

Located at Milwaukee. 

(Abstract Axxtal Statement for the Year Ending Jcwe. 1861.) 

{Secretary of State's Report, Sept. 1861.) 

Capital stock Mutual* 

Accumulations $54,461 20 

Cash on hand 9.210 48 

In hands of Agents ' 6.890 88 

Mortgages on real estate 3.200 00 

Due for premiums 1.144 80 

•ill other securities 36,526 04 

Total Assets 56,981 25 

Losses adjusted 2.500 00 

Total Liabilities 2.500 00 

Number of policies outstanding , 780 

Amount of risk thereon 1.543.000 00 

Amount of Premiums received 44.510 82 

Received from all other sources 1.346 74 

Total of Receipts 45.857 56 

Amount paid for losses 6,500 00 

Expenses 9,820 61 

Total amount paid 16,320 61 

Amount of Premium Notes of which polices have expired 1,928 49 



(From Secretary of States Report, SepJ, 1861.) 

STATISTICS OF INSURANCE IX WISCONSIN. 

INSURANCE COMPANIES. 

Section 23 of chapter 72 of the Revised Statute?, makes it the duty of the Sec- 
retary of State to embrace within his Annual Report, a condensed statement o^ 
the reports made to him by insurance companies. 

Full lists of the Companies that have complied with the provisions of chaptc r 
103 of the General Laws of 1858, being an act entitled " An act in relation to 
all companies transacting the business of Life. Fire and Marine Insurance within 
this State," with an abstract of their annual statements, is given in the appendix 
marked U ¥.' J The more important facts exhibited are as follows : — 

lire and Marine Insurance. 
No. of Companies reporting. 9. 

Total amount of capital stock reported 5300,000 00 

Total amount of capital stock and accumulations 742,307 68 

Total assets 773.164 89 

Total liabilities 30,857 30 

Number of policies in force, 20,568 

Total amount of risks thereon 15,941,181 73 

Total amount received for premiums 227,871 98 

Total receipts 254.692 61 

No. of losses, 78. 

Total amount paid for losses 55,282 93 

Total expenses 42.527 55 



INSURANCE DIRECTORY.. lxxi 

Life Insurance. 
No. of companies (Mutual), 1. 

Amount of accumulations $54,461 20 

Total Assets 50,981 20 

Total liabilities 2,500 00 

No. of policies. 785 

Total amount of risks thereon 1 .543,000 00- 

Amount received for premiums 44,510 82 

Total receipts 45,857 5G 

Amount paid for losses 6.500 00 

Total ^expenditures ^ 16,320 61 

An abstract of the Annual Reports for 1860, Fire and Marine Insurance Com- 
panies, not incorporated by the State of AVisconsin, is also appended, marked 
" G." 

The whole number of such Companies reporting is 41. 

Amount of their capital stock $12,596,790 00 

Total amount of capital stock and accumulations. 17,451,648 00 

Total assets ' 18,642,549 66 

Total liabilities , $1,190,901 m 

Gross amount of premiums received in Wisconsin 

the past year 344,474 53 

Amount of State tax collected 12,331 17 

Nine Life Insurance Companies of other States and 

foreign countries have reported, showing (see 

schedule " H '') a total amount of capital stock 

and accumulations 19.119,185 30 

Total assets 19,913.399 91 

Total liabilities 794,214 61 

Gross amount received for premiums in Wisconsin 31,879 99 

Amount State tax collected. 1,956 39 

Gross amount of premiums paid to foreign Insurance Companies 

by Wisconsin 376,354 52 

Total amount of revenue to the State from tax on earnings of 

foreign Insurance Companies 14,290 5G 



lXXll INSURANCE DIRECTORY. 

41-MARYLAND. 

INSURANCE COMPANIES BELONGING TO, AND 
LOCATED IN THE CITY OF BALTIMORE. 

EQUITABLE FIRE INSURANCE COMPANY. 

This Company is organized on the Mutual or Beneficial plan. Owners of pro- 
perty insured (on the Mutual principle) have no further responsibility than the 
amount of their deposits, but on the expiration of policies tbey are entitled to 
receive a cash dividend of twenty-eight per cent, and the return of the amount 
deposited, less proportion losses which have Occurred. The policies extend 
through the period of seven years. This Company also insures in the usual way. 
Francis A. Crook, Treasurer ; Hugh B. Jones, Secretary. 

BALTIMORE FIRE INSURANCE COMPANY. 

Chartered Capital, $350,000. 

Jacob J. Cohen, Jr., President ; Frederick Woodworth, Secretary. 

HOWARD FIRE INSURANCE COMPANY. 

Chartered Capital, $300,000. 

Andrew Reese, President ; G. Harlan Williams, Secretary. 

NATIONAL FIRE INSURANCE COMPANY. 

Chartered Capital, $300,000. 

John B. Seidenstricker, President ; H. C. Landis, Secretary. 

FIREMEN'S INSURANCE COMPANY. 

Chartered Capital, $300,000. p 

Henry P. Duhurst, President ; Francis J. McGinnis, Secretary. 

ASSOCIATED FIREMEN'S INSURANCE COMPANY. 

Chartered Capital, $350,000. 

John R. Moore. Presideet ; John Dukehart, Secretary. 

AMERICAN FIRE INSURANCE COMPANY. 

Chartered Capital, $300,000. 

James L. Armstrong, President ; Victor Clunes, Secretary. 

MARYLAND FIRE INSURANCE COMPANY. 

Chartered Capital, $300,000. 

Thomas E. Hambleton, President ; Otis Spear, Secretary. 

PEABODY FIRE INSURANCE COMPANY. 

Chartered Capital, $300,000. 

George Carey, President ; James Carey, Jr., Secretary. 

MERCHANTS' MARINE INSURANCE COMPANY. 

Chartered Capital, $200,000. 

William Graham, President ; George B. Coale, Secretary. 

BALTIMORE MARINE INSURANCE COMPANY. 
Chartered Capital, $300,000. 
James Hooper. Jr., President ; Wm. L. Montague, Jr., Secretary. 

BALTIMORE LIFE INSURANCE COMPANY. 

Chartered Capital, $100,000. 

John I. Donaldson, President ; F. M. Colston, Secretary. 



INSURANCE DIRECTORY. lxxiii 

COUNTRY MUTUALS IN MARYLAND. 

THE MUTUAL FIRE INSURANCE COMPANY, 

In Baltimore County. P. 0- Baltimore City. 

Edward Rider, President ; Francis Shriver. Secretary. 

THE MUTUAL FIRE INSURANCE COMPANY, 

In Montgomery County. P. 0. Sandy Spring. 

Robert Moore, Secretary. 

THE MUTUAL FIRE INSURANCE COMPANY, 

In Hartford County. P. 0. Belair. 

A. L. Jarrett, Secretary. 

THE MUTUAL FIRE INSURANCE COMPANY, 

In Washington County. P. 0. Hagerstown. 

Brumbaugh, President, 



NAMES OF INSURANCE AGENTS IN THE CITY OF BAL- 
TIMORE, AND THE COMPANIES THEY REPRESENT. 

Thomas D. Johnston, Agent for 
Security, Lorillard, Resolute, Phoenix, Montauk Fire Insurance Companies of 
New York, and Security Life and Annuity Company of New i'ork. 
John G. Proud & Sons, Agents for 
^Etna of Hartford, Conn. ; Springfield Fire Insurance Company, Massachusetts ; 
Massasoit, Springfield, Massachusetts 5 Merchants. Hartford, Connecticut ; and 
New England Fire and Marine, Hartford, Connecticut. 
S. W. T. Hopper, Agent for 
Republic, Commercial, Irving, and Park Fire Insurance Companies of New 
Ycrk, and Charter Oak Life Insurance Company of Hartford, Connecticut. 
Edward J. Richardson & Son, Agents for 
American Fire of Philadelphia, Manhattan Life of New York, Lamar Fire, 
North American, and Arctic Fire Insurance Companies of New York, and New 
York Life of New York. 

William F. Murdoch, Agent 
Liverpool Fire and Life Insurance Company of London, Augusta Banking 
and Insurance Company of Georgia. 

William P. Webb, Agent 
Mutual Benefit Life Insurance Company of Newark, New Jersey ; Market Fire 
New York ; Lafayette Fire, Brooklyn ; and Continental Fire, New York. 
Milo Lewis, Agent 
Goodhue Fire, New York. 

Colin McKenzie, Agent 
Great Western and Marine, New York. 

Lawrence Levering, Agent 
Hope Fire Insurance Company of New York. 

D. Stricker, Agent 
Farmers Mutual Insurance Company of Pennsylvania. 

This Company was amalgamated into Great Western of Philadelphia, and 
wouad up several years ago. 

G 



IxxiV INSURANCE DIRECTORY. 

George Carey, Agent 
Franklin Fire. Pennsylvania : Mutual Life, New York ; and Metropolitan Fire 
New York. 

C. O'Doxxell. Agent 
Sun Mutual, New York. 

II. A. Deidier, Agent 
Insurance Company of North America, and Delaware Mutual Safety of Phila- 
delphia. 

W.m. Boggs &■ Co.. Agents 
Commercial Mutual Insurance Company. 

George B. Co ale. Agent 
North American Fire, and City Fire of Hartford. 

C. Morton Stewart, Agent 
Oriental Mutual Marine. New York. 

Gii.max Meredith, Agent 
N -ptune Marine New York. 

R. C. Pickett. Agent 
Atlantic Fire of Brooklyn, and Lennox Fire of New York. 

Lemmox & Sox. Agents 
Pacific Mutual Insurance Company. 

B. Cimmigy.-'. Agent 
Unity Fire of London. 



42-OHIO. 

CINCINNATI INS. CO J S. & OFFICERS. 

AMERICAN INS. CO.— Capital Stock $100,000. 
Stephen Morse, Pres. ; L. Classon, Sec. 
BUCKEYE STATE F. & M. INS. CO.-Capital. 8100,000. 
W. P. Hulbert Pns. : Isaac C. Hallis. Sec. ; W. H. Ewell, Surveyor. 
CENTRAL INS. CO. OF CINCINNATI. 
Henry Morten. Pres. ; Francis Ferny, Sec. 
CINCINNATI EQUITABLE INS. CO. 
Griffin Taylor. Pres. ; Josh. K. Smith, Sec. 
CINCINNATI INS. CO.— Capital paid up $150,000. 
John W. Hartwell, Pres. ; G. W. Williams, Sec. 
THE CITIZENS' INS. CO. OF CINCINNATI.— Capital stock, $100,000. 
Jas. F. Cunningham, Pres. ; Geo. W. Copeland, Sec ; A. M. Ross, Surveyor. 

CITY INS. CO.— Capital $150,000. 

Thos. Sherlock, Pres. ; Wra. Richardson, Sec. ; W. P. Shalton, Surveyor. 

COMMERCIAL INS. CO. OF CINCINNATI— Capital Stock $100,000. 

M. L. Harbeson, Pres : I. A. Townley, Sec. 

EAGLE INS. CO. OF CINCINNATI. 

J. W. Garrison, Pres. : E. D. Speer, Sec. ; J. B. Lawdor, & David Baker, Survey's 



INSURANCE DIRECTORY. IxXV 

FIREMENS INS. CO. OF CIN.— Capital stock, $100,000. 

Henry E. Spencer. Pres. ; Saml. R. Carter, >ec. 

FRANKLIN INS. CO. OF CINCINNATI. 

Eli C. Baldwin, Pres. ; James H. Silvers, Sec. 

GERMAN MUTUAL INS. CO. OF CINCINNATI. 

Henry Schmidt, Pres. ; H. A. Rotterman, Sec. : Joseph Siefert Treas. 

MAGNOLIA F. & M. INS. CO.— Capital stock, $100,000. 

W. C. Mann, Pres. 5 Chas. H. Marshall, Sec. ; N. F. Lucky, Surveyor. 

MERCHANTS & MANUFACTURERS FIRE & MARINE INS. CO. OF CINCIN 

NATI- Capital $150,000. 

A. M. Searles, Pres. ; B. B. Whitman, Sec. 

NATIONAL INS. CO. OF CINCINNATI.— Capital $100,000. 

John Burgoyne, Pres. ; Henry C. Urner, Sec. ; P. A. Sprigm.ui, Surveyor. 

OHIO LIFE INS. CO., 68 West 3d St.— Capital stock. $100,000. 

Augustus Isham. Pres. ; John W. Donohue, Vice Pres. ; G. W. Sullivan. Sec. 

PORTSMOUTH INS. CO.— Capital, $150,000. 

Jos. S. Ross, Pres. ; S. W. Reeder, Sec. 

QUEEN CITY INS. CO.— Capital, $150,000. 

Wm. McCammon, Pres. ; James A. Devon, Sec. ; Hiram Pugh, Surveyor. 

SUN MUTUAL INS. CO . OF CINCINNATI. 

A. B. Latta, Pres. ; E. L. Shannon, Sec. 

UNION INS. CO. OF CINCINNATI.-Capital, $100,000. 

E. Henry Carter, Pres. ; Abm. C. Edwards, Sec. 

WASHINGTON INS. CO.— Capital, $150,000. 

Wm. Goodman, Pres. ; John P. Whiteman, Sec. 

WESTERN INS. CO. OF CINCINNATI— Capital, $100,000. 

T. F. Eckert, Pres. ; J. W. Shipley, Sec. ; Rudolph Loheyde, Surveyor. 



AGENCIES IN CINCINNATI. 
J. B. Bennett, for^tna of H't'fd,agencyHorton, H. V., 5th and Waluut st. 

for Western States, 171 Vine st. Knight & Warren, cor. 3d and Main sts. 

Berne, Jas., 33 Wesc 3d st. Law, John S., 62 West 3d st. 

Bonsall, Chas., 4 Public Landing. Law, John H, 62 West 3d st. 

Carter & Beattie, 171 Vine street. Magill, R. H. & H. M., 33 West 3d st. 

Davies, George C, 67 West 4th st. Owens, Owen, Jr., 14 Public Landing. 

Evans & Lindsay, 65 West 3d st. Reeves & Co., 32 West 3d st. 

Gaddum, Wm. L., 455 Vine st. Taylor & Anthony, 76 West 3d st. 

Hartwell, J. W., 4 Public Landing. Ticc, John, 33 West 3d st. 

Hedrick, H , 80 West 3d st. Urner, Henry C, cor. Main & Front sts 
Hollingshead, M., 77 West 3d st. 



CLEVELAND, OHIO. 

List of Agents. 

Bowler, N. P., Carlton, C. C . Coe & May, Eusworth, J. 

Fox, Samuel H., Gage, David W., Blazier, N. Green. S. C. 
Henderson, A., Mueller, Jacob, Nickerson, D. P., Reddington, J. A. 

Rouse & Jennings, Seymour. Belden, Strong, A., Spulding, R. C, 

Tuttle, H. B., Tisdale, George A., Weatherby, J. L, 



1XXV1 INSURANCE DIRECTORY. 

43-MAIINE. 

INSURANCE CO'S. AND OFFICERS, WITH DATE OF IN 
CORPORATION. 

AUGUSTA MUTUAL FIRE— Augusta, 1846. 

James W. North, Pres. . W. F. Ballet, Sec. 

BANGOR MUTUAL— BaDgor, 1859. 

Franklin Muzzy. Pies. ; John S. Chadwick, Sec. 

BATH MUTUAL MARINE- Bath, Inc. 1854. 

E. K. Harding, Pres ; E. C. Hyde, Sec. 

BELFAST MUTUAL FIRE -Belfast. 1859. 

James P. White, Pres; A. H. Bradbury. Sec. 

BRUNSWICK MUTUAL MARINE— Brunswick, 1856. 

Saml. K. Jackson. Pres ; J. W. Forsaith, Sec. 

CITY MARINE-Bath, 1857, Cap. $100,000. 

George Prince, Pies ; A- G. Eaton. Sec. 

CUMBERLAND MUTUAL FIRE. 1849. 

Josiah B. Morse, Pres ; Samuel True, See. 

ELIOT A RETTERY MUTUAL FIRE-Kittery. 

Joseph Frost, Pres ; Daniel Pierce, Sec. 

FALMOUTH MUTUAL FIRE— West Falmouth, 1851. 

B. Lunt, Pres ; Charles Galleson. Sec. 

FARMERS BUCKF1ELD MUTUAL— Buckfield, 1853. 

Sullivan C. Andrews, Pres ; Henry H. Hutchinson, Jr., Sec. 

FARMERS' MUTUAL FIRE. Union. 

Willard Robinson, Sec. 

FARMERS' ft MECHANICS MUTUAL FIRE, Gorham, 1839. 

Jona Hanson, Pres ; Josiah Pierce, Sec. 

GENERAL MUTUAL FIRE- Hallowell, 1836. 

Andrew Masters. Pres ; Henry K. Baker, Sec. 

GEORGES' FIRE & MARINE— Thomaston. 1831. 

Wm. Singer, Pres . Chr. Prince, Sec. 
HANCOCK MUTUAL MARINE— Castine, 1853. 

Heze. Williams, Pres ; Charles K. Tilden, Sec. 

HARPSWELL MUTUAL FIRE— Harpswell, 1855. 

Thomas Alexander. Pres ; Thomas W. Eaton, Sec. 

HOPE— Portland. 

Edward P. Banks. Pres ; Isaac C. Nesmith. Sec. 

KENNEBUNK MUTUAL FIRE— Kennebunk, 1856. 

Wm. L. Thompson, Pres ; George W. Wallingford, Sec. 

LIME ROCK FIRE & MARINE— Rockland, 1816. 

I. K. Kimball, Pres ; C. R. Mallard, Sec. 

LINCOLN MUTUAL FIRE-Bath, 1848. 

Charles Russell, Pres ; Wm. P. Wadsworth, Sec. 

MARINE FIRE, Augusta. 1854. 

J L. Cutler, Pres : J. H. Williams. Sec. 



INSURANCE DIRECTORY. f 1XXV11 

MARINE MUTUAL FIRE— Gorham, 1828. 
Caleb Hodgsdon, Pres ; J A. Waterman, Sec. 

MERCHANTS' MUTUAL MARINE— Bangor, 1852. 
Saral. H. Dale. Pres ; J. B. Foster, Sec. 

MONMOUTH MUTUAL FIRE— Monmouth, 1836. 
Joel Small, Pres ; Washington Wilcox, Sec. 

MUTUAL FIRE— Saco, 1827. 
N. M. Towle, Pres ; E. P. Burnbam, Sec. 

NORWAY MUTUAL FIRE— Norway, 1855. 
Ezra F. Beal. Pres : Mark P. Smith, Sec. 

OCEAN MARINE— Portland, 1824. 
W. W. Woodbury, Pres ; George A. Wright, Sec. 

OTISFIELD MUTUAL FIRE— Otisfield, 1859. 
Joseph Lombard, Pres ; Johnson W. Knight, Sec. 

PARSONFIELD MUTUAL FIRE— Parsonfield, 1843. 
Rufus Mclntire, Pres ; G. N. Bennett, Sec. 

PENOBSCOT MUTUAL FIRE— Bangor, 1836. 
E. L. H^amblin, Pres ; Benj. Plummer, Sec. 

PISCATAQUA FIRE & MARINE— South Berwick, 1855, Cap. $500,000, [au- 
thorized.] 
Join N. Goodwin, Pres ; Shipley W. Ricker, Sec. 
PISCATAQUIS MUTUAL FIRE— Dover, 1833. 
Joseph Chase, Pres ; Ephraim Flint. Sec. 
PORTLAND MUTUAL FIRE— Portland, 1829, Cap. $75,000. 
Charles Holden, Pres ; Edward Shaw, Sec. 
ROCKLAND FIRE & MARINE— Rockland, 1852. 

N. A. Farwell, Pres ; Maynard Sumner, Sec. 
SOMERSET MUTUAL FIRE— Skowhegan, 1836. 
Ebenezer H. Niel, Pres ; T. H. Dismore. Sec. 
SOUTHPORT MUTUAL FISHING— Southport, 1858. 

D. Cameron, Pres ; J. Orne, Treas. 

THOM ASTON MARINE & FIRE— Thomaston, 1860. 

Isaac F. Chapman, Pres ; David O'Brien, Sec. 

THOMASTON MUTUAL FIRE, Thomaston, 1828. 

Atwood Levensaler, Pres ; Win. R. Keith, Sec. 

UNION FARMERS' MUTUAL FIRE, Union, 1856. 

Robert Meguier, Pres. ; Willard Robbins, Sec. 

UNION MUTUAL LIFE— Augusta, 1849. 

W. H. Hollister, Sec. 

WALDO MUTUAL— Belfast, 1817. 

James P. White, Pres ; N. H. Bradbury, Sec. 

WATERVILLE MUTUAL FIRE, Waterville, 1858. 

D. L. Millken, Pres ; C. R. McFadden, Sec. 

WELLS MUTUAL FIRE— Wells, 1836. 

Joshua Clark, Pres ; Charles A. Mildram, Sec. 



lxxviii 



INSURANCE DIRECTORY. 



WILTON MUTUAL FIRE— Wilton, 1859. 

E. K. Adams, Pres ; Joseph G. Hoyt, Sec. 

WINDHAM MUTUAL FIRE- Windham. 18.V.I. 

C. G. Parsons, Pres : P. R. Hall, Sec. 

WISCASSETT & WOOLWICH MUTUAL FIRE -Woolwich. 

Nathaniel G. Gould, Pres ; John M. Bailey. Sec. 

YORK COUNTY MUTUAL FIRE— South Berwick, 1852. 

William Hill, Pres ; Shipley W. Ricker, Sec. 



INS. AGENTS- 



Akerman, D. D. 
Churchill, J. C. 
Deering, N. F. 
Dow, Jeremiah. 
Dow, John. 
Foye, Wm. H. 
Leavitt, James M. 



PORTLAND, ME. 

Little, Wm. D. 
McCobb «fc Kingsbury, 
Monger, J. W. 
Norton, E. A. 
Palmer, Joshua L. 
Leavey, James D. 



JNTS IN OTHER TOWNS. 

Woods, N., Gardiner. 
Cochran. E. H., Rockland. 
Day, J. G., 

Burnham, E. P., Saco. 
Dinsmore, T. H., Skowhegan. 
Wymm, H. A., 
Sawyer, Geo. B., Waterbow. 
Webb, Francis E., Winthrop. 
McKerney. Eli^ha. Wiscassett. 



Foster, J. B., Bangor. 
Plummer, Benjamin, Bangor. 
Hall & Thompson, Bath. 
Field, B. P. Belfast. 
Wright, David T., Bowdoiaham 
Talbot, N. Y., Camden. 
Tarbox, D. G., Denmark. 
Noyes, E. J., Eastport. 
Hough. A. B., Gardiner. 



PRINCIPAL AGENTS IN CONCORD AND OTHER TOWNS 
IN NEW HAMPSHIRE. 



Kay eg, H. G., Concord. 

Osgood, R. C, " 

Chandler, W. E., " 

Eastman, Seth, 

Batchelder, John " 

Gage, Isaac K., 

Pratt, D. W., 

Tufts, Chas. A., Dover. 

French, George A., Manchester. 

Taft, George, Mason. 



Carter, W. L., Nashua. 
Emerson, Ed. P., " 

Hayes, H. Y., Great Falls, Somersworth. 
Bartlett, James P., Portsmouth. 
Edwards, I. M.. 

Harvey, John S., •' "» 

Neil Thomas, 
Sise, John, " 

Wendell, Jacob, 



AGENTS IN VERMONT. 

Bixby, Lorenzo, Brandon. Wires, Salmon, Burlington. 

Fessendeh. F. H., Brattleboro. Clark, Henry, Poultney. 

Cumings, Lyman, Burlington. Bancroft, F., Bellows Falls. 

Wales & Taft, " Bridges, Wm., St. Albans. 

Weston, Wm-, Burlington- Bradley, John W., Woodsto- 



INSURANCE RIRECTORY. 



IXX1X 



44-SAN FRANCISCO-CALIFORNIA. 

INSURANCE COMPANIES AND AGENCIES. 

CALIFORNIA LLOYDS— Etablished 1860, for Marine Risks only. 
Members. 
John Parrott. N. Limning. 

James Phelan. James Donahue. 

Wna. E. Barron. James B. Haggins. 

Geo. C. Johnson. J. Mora Moss, 

La Fayette, Marpiard. G. Touchard, Sec. 

James Otis. 

Office. South-west cor. Washington & Battery sts. 

CALIFORNIA MUTUAL MARINE-Organized Feb. 23, 1861. 

Office S. E. corner Battery, and Commercial sts. ; Cap. $200,000. 

Pres., Samuel Merritt ; Vice Pres., A. J. Pope; Surveyors, Levi Stevens, 

W. C. Talbot ; Sec. C. T. Hopkins. 

Insures hull, cargo, freight, specie and inland risk*. 

SAN FRANCISCO INS. CO.— (Fire,) organized March 20th, 1861. 

621 Clay st., cash capital, $150,000. 

E. W. Burr, Pies ; George C. Boardman, Sec. 

GERMAN MUTUAL INS. CO— 58 Montgomery st. 

(No particulars advertised.) 



UNDERWRITERS 7 AGENTS— SAN FRANCISCO. 

Bacon, T. H. & I. S., for Boston, 218 Canal st. 

Green, I. de P., for Lloyd's, 421 Battery st. 

Hoyt, John C, for New York, Philadelphia, and Baltimore, corner Washington 

and Baltimore sts. 

Mebins, C. F.. for Bremen, 308 Clay st. 

Rene, J. F., for French, 716 Montgomery st. 

Ziel, Bertheau & Co., for Hamburg, 122 California st. 



ADJUSTERS IN SAN FRANCISCO. 

Buckingham, C. E., cor. Battery^& Canal sts. 

Cazneau, T. N., 504 Battery. 

Clark, Joseph, 504 Battery. 

Hassy & Hane, 406 Montgomery st. 

Lambert & Hopkins, cor. Montgomery & Sacramento sts. 

McLean & Fowler, cor. Clay & Battery sts. 



AGENTS IN SAN FRANCISCO. 

Alsop <fc Co., Agents for Royal of Liverpool & London, 411 & 413 California sts 

Bigelow & Bro., for Home, Security & Niagara, of New York, north-west cor. of 

Montgomery & Sacramento sts. 

Booker, Wm. L, 428 California st. 

Dickson, De Wolf & Co., for Unity of London, 416 Battery st. 

Falkner, Bell & Co., Imperial Fire and Life of London, 430 California st, 

Faulkner, Wm. & Sox, New England Fire and Marine of Hartford, Ct. 

526 Sansom street. 



lxxx 



INSURANCE DIRECTORY. 



Berxhard Gattel. 519 Motgomery st.for Germania Life of N. Y. 
Jamson, Bond & Co., Washington Marine of X. Y.. Northwest corner of Clay and 

Battery. 
Johxstox, W. B.. for Liverpool & London. 412 Montgomery st. 
Lambert ft Flixt. north-west cor. Montgomery & Sacramento sts. 
Lloyd. S. H.. 422 Montgomery st. 
Low. C, Adolphe £ Co., 428 California st. 
Continental. Lorillard, Humboldt. Commonwealth. North American, & Resolute 
of New York, and Firemens Trust of Brooklyn ; also open policies with ' 
Atlantic, Pacific, ft New York Mutual Marine. 
McLeax & Fowler, north-east corner Clay and Battery sts. 
Hartford. Phoenix. Charter Oak. and City Fire of Hartford, Metropolitan & Good- 
hue of N. Y.. Neptune Marine Ins. Co. of N. T. f ft U. S. Life of N. Y. 
Mecartney. A.. 107 Clay st., for Girard F. & M. of Philadelphia. 
Nesbit B. R.. 526 Sansom street. 
Parker, E. H., 204 California street. 
J£tna Fire of Hartford. North American. & County Fire of Hartford — Market' 
Atlantic it Lenox of New York. 
Sfeyer. Morris. 526 Washington st. 
Hamburg, Bremen Fire Insurance CompaDy. 
Stout. Arthur B., M. D.. agent for 
International Life of London, and -3v.ua Life of Hartford. 
Swaix. R. B. A- Co.. 206 Front street. 
Manhattan Fire and Relief Fire of New York. 
Tax Alex, W. K.. Life Ins. Agent, cor. Washington & Sansom st. 



CONNECTICUT STOCK CAPITAL INS. COMPANIES 
FIRE AND FIRE AND MARINE. 



E 



1810 

1819 

1547 
1850 

1854 
1^56 
1657 
1857 
1658 

1844 
1855' 

1^03 
1659 

1860 



NAME OF COMPANY 



HARTFORD. 
Hartford Fire Insurance Company 

^Etna 

City 

Connecticut 

Phoenix 

Charter Oak. Fire and Marine 

Merchants Fire Insurance Co 

North American do 

New England Fire and Marine 

NEW HAYEN. 

Mutual Security Insurance Co 

Citv Fire Insurance Co 

NORWICH. 

Norwich Fire Insurance Co 

Thames Fire Ins. Co 

NOR WALK. 
Norwalk Fire Insurance Co 



$500,000 
1.500.000 
250.000 
200.000 
400.000 
300.000 
200.000 
300,000 
500.000 

100.000 
150.000 

150,000 
113,900 

50.000 



Insurance direbtory. Ixxxi 

THE NEW YORK BOARD OF MARINE UNDERWRITERS. 

OFFICERS OF THE BOARD, JUNE, 1862. 

John D. Jones President. 

Daniel Drake Smith Vice-President. 

Ellwood Walter Secretary. 

EXECUTIVE COMMITTEE. 
John D. Jones. Richard Lathers. Ellwood Walter. 

CLERK OF THE BOARD. _ 
G. S. Stagg. 
W. W. Story, Surveyor of Damaged Vessels. 
Elbert Latham, Surveyor of Vessels loading Grain. 
Samuel Goodhue, Surveyor of California and Australia Vessels. 
Israel J. Merritt, General Wrecking Agent. 

MEMBERS OF THE BOARD. 

Atlantic Mutual Insurance Company. 

Juhn D. Jones. Chas. Dennis. W. H. H. Moore. 

New York Mutual Insurance Company. 
John H. Earle. John H. Lyell. 

Mercantile Mutual Insurance Company. 
Ellwood Walter. Chas. Newcomb. 

Commercial Mutual Insurance Company. 
Daniel Drake Smith. Adrian B. Holmes. 

Sun Mutual Insurance Company. 
Moses H. Grinnell. John Whitehead. 

Pacific Mutual Insurance Company. 
Alfred R. Edwards. William Leconey. 

Great Western Insurance Company. 
Richard Lathers. John A. Parker. James F. Cox. 

Union Mutual Insurance Company. 

F. S. Lathrop. John S. Tappan. 

Orient Mutual Insurance Company. 
Leopold Bierwith. Alfred Ogden. 

Neptune Insurance Company. 
Jeremiah P. Tappan. Wm. C. Thompson. 

Washington Insurance Company. 

G. Henry Koop. A. W. Whipple. 

Columbian Marine Insurance Company. 
B. C. Morris. Thomas Lord. 

SECRETARIES OF THE COMPANIES. 
W. Townsend Jones of the Atlantic. 
C. J. Despard of the Mercantile. 
Edward Anthony of the Sun. 
Douglas Robinson of the Great Western. 
Chas. Irving of the Orient. 
A. L. McCarthy cf the Washington. 
W. P. Hansford of the New York. 
Henry D. King of the Commercial. 
Benj. A. Onderdonk of the Pacific. 
Ferdinand Stagg of the Union. 
C. F. Wreaks of the Neptune. 
W. M. Whitney of the Columbian. 
H 



Ixxxii 



INSURANCE DIRECTORY. 



FIRE UNDERWRITERS, N. Y. 

'• THE NEW YORK BOARD OF FIRE INSURANCE COMPANIES,'' ORGANIZED 1858. 

Objects. — •• To maintain a uniform standard of rates and of rules for the gov- 
ernment of insurance, to support and regulate the Fire Patrol, aod in general to 
adopt such measures as shall be found necessary for the mutual protection of 
bo'h insurers and insured." 

N.B. — The uniform tariff of rates has been given up. 

OFFICERS. 

President. — Richard J. Thorne. 
Vice-President. — Jonathan D. Steele. 
Secretary. — W. F. Underbill. 
Treasurer. — Charles H. Btrney. 



companies forming the board. 



JEtna, 

.■Etna of Hartford, 

American, 

Arctic. 

Astor, 

Atlantic, 

Beekmiu. 

Bowery, 

Brevoort, 

Broad*»y, 

City, 

Ciuzens', 

Clinton, 

Columbia. 

Commerce. 

Commercial, 

Continental, 

Corn Exchange, 

Eagle, 

East River. 

Empire City, 

Equitable, 

Excelsior, 

Exchange, 

Firemen's. 

Firemen's Fond, 

Firemen's Trust, 

Fulton, 

Gebhard. 



Germania, 

Goodhue, 

Greenwich. 

Grocers*. 

Hanover. 

Harmony. 

Home, 

Hope. 

Howard, 

Humboldt, 

Importers and Traders, 

Indemnity, 

Irving, 

Jefferson. 

Kings County. 

Knickerbocker, 

Lafayette, 

Lamar, 

Lenox. 

Liverpool and Loudon, 

Long Island. 

Loriilard. 

Manhattan. 

Market, 

Mechanics. 

Mechanics and Traders 

Mercantile. 

Merchants. 

Metropolitan, 



Montauk, 

Nassau, 

National, 

Niagara, 

New Amsterdam, 

New World, 

N. Y. Fire Marine 

North American, 

Pacitic. 

Park. 

Phoenix, 

Relief, 

Republic, 

Resolute, 

Royal, 

Rutgers. 

Security. 

Standard, 

Stuyvesant, 

Sun Mutual, 

Tradesman's. 

Union Mutual, 

United States, 

Unity, 

'Washington, 

Williams burgh. 

Ezka Whits, Agent. 



AMERICAN SHIPMASTERS' ASSOCIATION. 

No. 51 Wall Street, Rooms 23 & 25. 
(Incorporated 18G2.) 
officers. 
Council. 
Captain Charles H. Marshall, 
Captain Ezra Nye. 
Captain E. E. Morgan, 
Captain Robert L. Taylor, 
Captain William C. Thompson, and 
John D. Jones (ex officio.) 
Pres.— John D. Jones. Sec. — Capt. I. H. Upton. Treis. — Daniel Drake Smith. 
Examiner in Nautical Science— K A. Sheldon, A. M. 
Examiner in Seamanship. Captain William W Story. 
Applications for Certificates may be made at the Rooms of the Association, No- 
51 Wall Street, Rooms 23 and 25, New York. 



INSURANCE DIRECTORY. 



lxxxiii 



PHILADELPHIA BOARD OF MARINE UNDERWRITERS 

January 1st, 18G2. 
John R. Wucherer, President 
Arthur G. Coffin, Vice President. 
Captain Timothy Rogers, Secretary. 



Phoenix Mutual Ins. Co., 

Ins. Co. of North America, 

Ins. Co. of the State of Pa., 

Union Mutual Insurance Company. 

American Mutual Insurance Company, 

Delaware M. Safety Insurance Company. 

Anthracite Insurance Company, 



BOARD OF SURVEYORS. 



Captain Christian Gallagher, 
Captain Enoch Turley, 



John R. Wucherer. 
Arthur G. Coffin. 
Henry D. Sherrerd. 
Richard S. Smith. 
William Craig. 
William Martin. 
Jacob Esher. 



Captain John Gallagher. 
Capt. Thomas Monroe. 



SURVEYORS OF DAMAGED GOODS AND VESSELS. 

Appointed by the U. S. District Court. 
Capt. Silas Pedrick, Capt. Timothy Rogers. 

Capt. John Gallagher, Capt. Chris. Galagher. 

Capt. C. F. Brevoor. Mr. Charles Tisdale. 



PHILADELPHIA BOARD OF FIRE UNDERWRITERS. 

January 1st. 1862. 
William Martin, Esq., President. 
John Williams, Secretary. 

MEMBERS. 



Ins. Co. of North America, 
Insurance Co. of the State of Pa., 
American Fire Insurance Co.. 
Pennsylvania Fire Ins. Co., 
Delaware M. Safety Ins. Co., 
Liverpool & London, 



Arthur G. Coffin. 
Henry D. Sherrerd. 
George Abott. 
Jonathan Patterson. 
William Martin. 
Richard S. Smith. 



MASS. BOARD OF MARINE UNDERWRITERS, BOSTON 

Francis Bacon, President. 
Isaac Sweetser, Vice President. 
Charles Pearson, Secretary. 

R. S. S. Andros. 



Alliance Ins. Co., 

American Ins. Co., 

Boston Ins. Co., 

Boylston Ins. Co., 

China Mutual Ins. Co., 

Franklin Ins. Co., 

Manufacturers Ins. Co., 

Mercantile Marine Ins. Co., 

Merchants Ins. Co., 

National ins. Co., 

Neptune Ins. Co., 

New England Mntual Marine Ins. Co 

United States Ins. Co., 

Washington Ins. Co. ? 



J. T. Bowditch. 

P. W. Freeman. 

Jos. W. Balch. 

Francis Bacon. 
Wm. M. Byrues. 
C. W. Cartwright. 
Nathl. Merriam. 
Thos. C. Smith. 
A. H. Bean. 
C. Curtis. 
Geo. C. Lord. 
R. B. Williams. 
Jsaac Sweetser, 



lxxXlV INSURANCE DIRECTORY. 

NEW YORK FIRE DEPARTMENT— 1862. 

JOHN DECKER, Chief Engineer, Residence, 334 Broome St., Office, 21 Elizabeth St. 

Charles A. Gray, Residence, 18 Beach Street, 

Alex. V. Davidson, Residence, 48 Horatio Street, Clerks to the Chief Engineer. 
John Baulch, performs duty in the 7th and 8th Districts, 2G Oliver Street. 
Elisha Kingsland " 4th, 5th and Gth Districts, 44 First street. 

Timothy L. West, " 2d, 3d and 4th " 259 West 17th street. 

John Brice, " 1st and 2d " 282 West 31st street. 

Daniel Donnovan, " 7th and 8th " 1 Madison street. 

William Hackett, " 7th and 8th " Cor. Broad'y & Liberty st. 

John A. McCosker, " Harlem " 121 st. and Avenue A. 

George T. Alker, " 3d, 4th and Sth " 410 Broadway. 

William Lamb, " 3d and 4th " G2 West 21st street. 

Joseph L. Perley " 5th, Gth and 7th " 296 East Broadway. 

George McGrath, " 1st and 5th " 167 East 24th street. 

Henry Lewis, " Gth and 7th " 49 Ridge street. 

Eli Bates, " 3d and 4th " Patchin Place. 

Names and Residences of the Officers of the Fire Department Fund. 
William H. Wickham, President. 54 South street, House, 131 West 11th street. 
Albert J. Delatour Vice President 25J Wall Street, House, 36 Third street. 
John R Piatt, Secretary, 79 Murray street, House, 97 West 22d street. 
John S. Giles, Treasurer, 34 Elizabeth street, House 181 Tenth street. 
David Theall, Collector, 130 East 51st street. 

Trustees. 
Henry A. Burr, Pres., Co.. Cliff & Frankfort sts., House 22 St. Marks Place, Sth st. 
George F. Nesbitt, Secretary, 1G7 & 163 Pearl st., House 79 Lexington Ave. 
Jonas N. Phillips, 85 Pike Slip, House 2G7 Ninth street. 
James Y. Watkins, 16 Catharine street, House 28 Henry street, 
Zophar Mills. 144 Front street, House 207 Madison street. H 

Samuel B. Thompson, 84 Beekman street, 243 West 19th street. 
A. F. Ockershausen, 21 Rose street, House 137 Henry street. 
Robt. McGinnis, 5 Depeyster street, house 73d st., between 3d and 4th Aves. 
James Baremore, 58 Nassau street. 

Committee on Sohools. 
James Y. Watkins, Robert McGinnis, James Baremore. 
Executive Committee. 
Samuel B. Thompson, James Y. Watkins, H. A. Burr, A. F. Ockershausen, Robert 
McGinnis. 

Committee on Finance. 

A. F. Ockershausen, Zophar Mill, Jonas N Phillips. 
Committee on Fuel. 
Robert McGinnis, Samuel B. Thompson, James Baremore. 
Special Committee to Solicit Donations. 
Zophar Mills, James Y. Watkins, James Baremore. 
Board of Fire Commissioners. 
Henry Wilson, Pres., 31 Sixth Avenue, Residence West 23th st., near 6th Avenue. 
John J. Gorman, 617 Hudson street, residence 52 Ninth Avenue. 
Wm. M. Tweed, 95 Duane street, residence 197 Henry street. 
Thomas Lawrence, 12 Greenwich Avenue, residence 184 Waverley Place. 
Edward Bonnell, 197 Chrystie street, residence 298 Bowery. 

Clerks, Chas. P. Knapp, residence 169 East 14th street, and R. P. H. Abell, residence 
77 East 32d street. 



INSURANCE DIRECTORY. 



lxxxv 



Board of Commissioners of Appeal. 
John Gillelan, President, 42 Wall street, residence 123d street, Harlem. 
Wm. Haw, Jr.. Residence 174 East 27th street. 
John Carland, No. 6 Centre steet, residence 129 East 31st street. 
Vincent C King, 509 West street, residence 95 West loth street. 
Ralph Trembly, 59 Broadway, residence 88 West 32d st. 
Henry W. Lee, Clerk, residence No. 4 Albion Place, 4th street. 

STEAM FIRE ENGINES IN THE DEPARTMENT. 



STEAMER. 


COMPANY. 


LOCATION. 


Americus, 


Engine Co. No. 6. 


269 Henry street. 


Black Joke, 


" 33. 


58th street near B'dway. 


Empire, 


" 42. 


4 Centre street. 


Excelsior 


" 2. 


21 Henry street. 


Guardian, 


" 29. 


14 West 10th street. 


Hudson, 


Hose Co. No. 21. 


304 Washington street. 


Jefferson, 


Engine Co. No. 26. 


148 Fifth street. 


Lexington, 


" " 7. 


109 East 25th st. 


Manhattan, 


" 8. 


91 Ludlow street. 


Marion, (building.) 


" 9. 


-1 7 Marion street. 


New York, 


" 49. 


Firemen's Hall. 


Paulding, 


Lose Co. No. 57. 


102 West 18th street. 


Protection, 


Engine Co. No. 5. 


61 Ann street. 


Southwark, 


"38. 


28 Ann street. 


Undine, (building) 


Hose Co., " 52. 


122 street, Harlem. 


Valley Forge, 


Engine Co. No. 46. 


138 West 37th street. 


Note.— The cost of tliese steam engines varies 


from $3,000 up to $4,500. Several 


other companies have 


applied for steam engines. 





FIRE MARSHAL, NEW YORK, 

Alfred E. Baker, Office, City Hall, New York. 

FIRE MARSHAL, BROOKLYN, 

Rufus R. Belknap, Court street, Brooklyn. 



lxxxvi 



INSURANCE DIRECTORY. 



LIST OF ENGLISH INSURANCE COMPANIES. 

[From Post Magazine Almanack.'] 



Est'd. 


Title. 


Objects. 


1831 


Aberdeen Mutual and Friendly, 


Health, Life. 


1834 


Accidental Death, 


Accidents and Health. 


1845 


Agriculturist, 


Life, Cattle. & Hail. 


1838 


Albert and Medical, 


Life, Annuities & Guarantee. 


1824 


Alliance, 


Life & Fire. 


1824 


Alliance, 


Marine, 


1706 


Amicable. 


Life. 


1833 


Argus, 


Life. 


1808 


Atlas, 


Life and Fire. 


1857 


Atlas Marine, 


Insuring Ships, 


1805 


Birmingham, 


Fire. 


1846 


Brighton aud Sussex Mutual Prov.. 


Life, Endow., Annuities, Sickness. 


1837 


Britannia, 


Life. 


1846 


British Empire Mutual, 


Life. 


1854 


British Equitable, 


Life, Endow., Annuities, Loans. 


1860 


British Isles, 


Life. 


1854 


British Nation, 


Life & Annuity. 


1845 


British Guarantee, 


Fidelity. 


1846 


(London Board) 


Fidelity. 


1844 


British Mutual, 


Life. 


1853 


Briton, 


Life and Building. 


1805 


Caledonian, 


Life and Fire. 


1833 


(London Board) 


Life. 


1840 


Church of England, 


Life &Fire. 


1838 


City of Glasgow, 


Life. 


1838 


(J , n n rl n n TSnorf^ 


Life. 




1824 


Clerical, Medical, and Gen. 


Life. 


1829 


Clergy Mutual, 


Life. 


1859 


Consols, 


Life. 


1846 


Colonial. 


Life. 


1846 


/ T /-. r» ^ f» r» "R/",oi.rl\ 


Life. 


^^^^^^^^ — ^— ^— ■ . JLJVil\^\JlJ UUulU^ 




1855 


Confident, 


Life, Sickness, and Loans. 


1846 


Consolidated, 


Life, Annuities, & Loans. 


1806 


County, 


Fire. 


1847 


County, 


Hail. 


1825 


Crown, 


Life. 


1834 


District, 


Fire. 


1848 


Dundee, 


Marine, 


1807 


Eagle, 


Life. 


1823 


Economic, 


Life. 


1823 


Edinburgh, 


Life. 


1823 


(London Board) 


Life. 






1855 


Emperor, 


Fire. 


1853 


Emperor, 


Life. 


1839 


English & Scottish Law. 


Life, Loan & Annuities. 


1839 
1853 


Erlinhiir^h Branch 


Life, Loans & Annuities. 


English & Irish Church, 


Life & Annuities. 


1844 


Equity & Law, 


Life. 


1762 


Equitable Society, 


Lite & Survivorship. 


1835 


Equitable Reversionary, 


Reversions & Policies. 


1802 


Essex and Suffolk Equitable, 


Fire. 


1853 


European, 


Life and Guarantee. 


1835 


Family Endowment, 


Endowment, Life & Annuities. 


1832 


Friends' Provident Institution, 


Life, Annuities, Endowments, Ac 


1837 


General, 


Life & Fire. 


1843 


General Hail Storm, 


Hail Storm. 


1829 


General Ann. Endow Ass. 


Imm. Defer. & Surv. Annuities. 



INSURANCE DIRECTORY. 



lxxxvii 



Est'd. 


Title. 


Object. 


1836 


General Reversionary, 


Purchasse of Reversions, &c. 


1808 


Glasgow Annuity Society, 


Annuities. 


1803 


Globe, 


Fire, Life and Annuities. 


1843 


Governesses, 


Government Annuities. 


1844 


Great Britain. 


Life. Annuities & Endowment. 


1790 


Great Yarmouth Amicable, 


Shipping. 


1848 


Gresham, 


Life. 


1840 


Guarantee Society. 


Fidelity. 


1821 


Guardian, 


Fire, Life, and Annuities, 


1696 


Hand-in-Hand, 


Fire, Life, and Annuities 


1803 


Hants, Sussex and Dorset, 


Fire. 


1793 


Imperial, 


Cargo and Freight. 


1803 


Imperial, 


Fire. 


1820 


Imperial, 


Life. 


1824 


Indemnity Marine, 


Marine. 


1860 


Indisputable, 


Life. 


1860 


London Branch, 


Life. 


1821 


[nsur. Comp. of Scotland, 


Fire. 


1837 


International, 


Life, Survivorships, & Annuities. 


1802 


Kent, 


Fire. 


1850 


Kent Mutual, 


Life. m 


1843 


Kent Mutual, 


Shipping. 


1852 


Lancashire, 


Life and Fire. 


1852 


London Branch, 


Life and Fire. 


1845 


Law Fire, 


Fire. 


1823 


Law Fire. 


Life. 


1850 


Law Property, 


Life, Titles. & Guarantee. 


1853 


Law Reversionary Interest, 


Reversions & Annuities. 


1854 


Law Union, 


Fire and Life. 


1824 


Leeds and Yorkshire, 


Fire and Life. 


1824 


London Branch, 


Fire and Life. 


1836 


Legal aud General, 


Life. 


1838 


Lite Association of Scot., 


Life and Annuities. 


1838 


London Board, 


Life and Annuities. 


1855 


Life Assur. Treasury, 


Life Annuities and Banking. 


1836 


Liverpool and London, 


Fire, Life, and Annuities. 


1846 


London Board, 


Fire, Life, and Annuities. 


1765 


London Annuity Society, 


For Widows of Members. 


1720 


London Assurance Corp., 


Fire, Life and Marine. 


1853 


London Exchange, 


Life and Loan. 


1845 


London and Provin. Law, 


Life. 


1855 


London Equiiab. Mutual. 
London and Provincial Marine, 


Life, Annuities, & Endowments. 


1854 


London & Piov. Provident, 


Life, Loans, & Annuity. 


1858 


London & Yorkshire, 


Life, Annuities & Endowments. 


1806 


London Life Association. 


Life. 


1850 


London Monetary, 


Advance, Endow., Annuities, &c. 


1824 


Manchester, 


Fire. 


1824 


London Board, 


Fire. 


1853 


Manchester and London, 


Life. 


1854 
1852 


T r\r»rl/-vr» I3r»o rt /-»!-* 


Life. 

Life, Annuity, &c. 


Marine Life & Casualty, 


1836 


Marine, 


Insuring Ships and Goods. 


1798 


Marine and Mercantile, 


Cargo, Freight, and Ships. 


1835 


Metropolitan, 


Life. 


1848 


Metrop. Counties & Gen. 


Life and Annuities. 


1836 


Minerva, 


Life and and Survivorship. „ 


1851 


Midland Counties, 


Fire, Life and Hail. 


1851 


■ — London Office, 


Fire, Life and Hail. 


1834 


Mutual. The 


Life. 


1856 


Mutual Provident Alliance, 


Life. Annuities, Endowment. 



Ixxxviii 



INSURANCE DIRECTORY. 



Est'd. 


Title. 


Objects. 


1822 


National Assur. of Ireland, 


Life, Fire, & Marine. 


1697 


National Debt Office. 


Government Annuities. 


1844 


National Assur. Invest, 


Life, Annuities, &c. 


1854 


National Industrial, 


Life and Loan. 


1830 


National Life Society, 


Life. 


1853 


National Live Stock, 


Live Stock. 


1855 


National Mutual. 


Life. 


1^37 


National Mercantile, 


Life. 


1835 


National Provident, 


Life. 


1854 


National Provincial, 


Plate Glass. 


1837 


National Reversionary, 


Reversions. 


179S 


Nautical Insurance. 


Merchant Shipping. 


1851 


New Equitable. 


Healthy & Invalid Lives. 


1853 


New National. 


Life and Loans. 


1809 


North British, 


Fire, Life. & Survivorship, 


1SU9 


T nnrlnn T?ronr**h 


Fire. Life, Survivorship. 


— — — .L<L/iJU.VJi-l JJI aULLJ. 


1849 


North Staffordshire. 


Cattle. 


1836 


Northern, 


Fire and Life. 


1836 


i'T nrtrlnn "RnirrM 


Fire. Life, Annuities. 


1 IjV/UUVII JJUUiU^ 


1849 


Norfolk Farmers' Cattle, 


Cattle, Horses, &c. 


1829 


Norwich Equitable, 


Fire. 


1856 


Norwich and London, 


Accident. Plate Glass, Ac. 


1856 
1860 


/T nnflnn T^rnnnh \ 


Accident, Plate Glass, Ac. 
Health and Industrial Life. 


Norwich Provident, 


' 1797 


Norwich Union, 


Fire. 


1796 


London, 


Fire. 


1808 


Norwich Union, 


Life. 


1808 
, 1836 


f T nnHnn T^il ^ 


Life. 


Norwich Union Revers, 


Reversions and Annuities. 


1835 


Nottinghamsh. & Derbysh.. 


Fire and Life. 


1859 


Ocean Marine. 


Marine. 


1824 


Patriotic, 


Life and Fire. 


1797 


Pelican, 


Life. 


1782 


Phcenix, 


Fire. 


1852 


Plate Glass Insurance, 


Plate Glass. 


1843 


Preserver. 


Life & Fire. 


1847 


Professional, 


Life. 


1826 


Promoter, 


Life and Annuities. 


1845 


Property Protection, 


Robbery and Theft. 


1820 


Protecting. 


Marine. 


1853 


Protector. 


Endowment. Annuities, & Loan. 


1852 


Provincial Welsh. 


Fire and Life. 


1852 
1807 


/T /-..-> .I^n Hz-xi-nfl \ 


Fire and Life. 


Provident, 


Life. 


1840 


Provident Clerks', 


Life & Benevolent Fund. 


1848 


Prudential. 


Life and Sickness. 


1859 


Public. 


Life. 


1857 


Queen, 


Fire, Life, Annuities. 


1858 
1849 


/"T.nnrlnn T^rfiTiph^ 


Fire, Life. Annuities. 
Railway & General Accidents. 


Railway Passengers, 


1S40 


Reliance & East Eng:, 


Life. 


1850 


Rent Guarantee, 


Collecting, and guarantee of rents 


1823 


Reversionarv Interest Society, 


Reversions & Annuities. 


1845 


Royal, 


Life, Fire, and Annuities. 


1845 


fTnnrlr&n "Rnir/1^ 


T-ifp Tmtp finrl A nunitiPQ 


" " ' ' \ .Li'CLlU.VJlJ. \J\JCkh.\Xj 


Lillv;, A ILCj UUU. jTi-LI U LllU'Co* 


1720 


Royal Exchange, 


Fire, Life, Annuities & Shipping. 


1840 


Royal Farmers*. 


Fire^ Life. & Hail. 


1837 


Royal Naval, Mil., East In. & Gen., 


Life. 


1806 


Rock. 


Life and Survivorship. 


1849 


Rje Mutual, 


Marine. 


1780 


Salop, 


Fire. 



INSURANCE DIRECTORY. 



lxxxix 



Est'd. 


Trim 


Objects. 


1826 


Scottish Amicable, 


Life. 


1826 


London Board. 


Life. 


1831 


Scottish Equitable, 


Life. 


1831 


(\ nnnnn II flfif*o \ 


Life. 




y LjU IHJ.U 11 \J lliist: j ) 


1858 


Scottish Mutual, 


Plate Glass. 


1841 


Scottish National, 


Fire & L'fe. 


1841 


(London Branch) 


Life. 


1837 


Scottish Provident, 


Life & Annuities. 


1845 


London Office, 


Life & Annuities. 


1825 


Scottish Provincial, 


Fire, Life, and Annuities. 


1852 


— — London Branch, 


Fire, Life, and Annuities. 


1840 


Scottish Reversionary, 


Reversionary Interest. 


1848 


Scottish Sea, 


Marine. 


1815 


Scottish Widows Fund, 


Life and Survivorship. 


1834 


T , f\ n r\ a n 1 ) f^R c* f* 


Life and Survivorship. 




'-L.jU11U.UL1. W UlLtTj 


1824 


Scottish Union, 


Fire and Life. 


1824 


— — -London Board, 


Fire and Life. 


1808 


Sheffield, 


Fire. 


1837 


Shropshire and North Wales, 


Fire. 


1846 


Solicitors' and General, 


Life. 


1845 


Sovereign, 


Life. 


1825 


Standard, 


Life. 


1825 


London Board, 


Life. 


1851 


Standard, 


Shipping. 


1843 


Star, 


Life. 


J 854 


State, 


Fire, Plate Glass, &c. 


1858 


Steam Boiler, 


Steam Boilers, Machinery, &c. 


1854 


St. George, 


Life and Title. 


1710 


Sun, 


Fire. 


1810 


Sun, 


Life. 


1836 


Sun, 


Shipping, Cargo, Freight. 


i860 


Thames and Mersey, 


Marine. 


1826 


Unanimous, 


Insuring Ships. 


1714 


Union. 


Fire, Life, and Annuities. 


1800 


Union, 


Marine. 


1854 


United Brothers, 


Life. 


1844 


United Kent, 


Life and Annuities. 


1834 


United Kingdom, 


Life, Survivorship, and Annuities. 


1855 


United Kingdom Provident, 


Fire. 


1840 


United Kingdom Temp., 


Life and Annuities. 


1834 


Universal, 


Life. 


1859 


Universal Marine, 


Marine. 


1852 


Unity, 


Fire. 


1854 


Unity General, 


Life. 


1825 


University, 


Life. 


1838 


Victoria & Legal & Com., 


Life. 


1851 


Waterloo, 


Life, Education, and Casualty. 


1852 


Wellington Life & Annu., 


Annuities, Life, and Maritime. 


1841 


Wesleyan Provident, 


Life, Endowment, Annuities, Sick. 


1807 


West of England, 


Fire, Life, and Annuities . 


1807 


a T.nTirmn i ifnpp 


Fire, Life, and Annuities. 
Life and Annuities^ 


1842 


* XjUHUUIL vylllCtr, 

Western, 


1831 


Western, 


Annuities. 


1836 


—London Office. 


Annuities. 


1836 


Westminster & General, 


Life and Annuities. 


1717 


Westminster, 


Fire. 


1792 


Westminster Society, 


Life. 


1855 


Whittington, 


Life. 


1858 


World, 


Life, Accident, Hail, Plate Glass, &c 


1838 


Widows' General, 


Annuities and Endowments. 


1824 


Yorkshire, 


Fire and Life. 


1824 


London Branch, 


Fire and Life. 



xc 



INSURANCE DIRECTORY. 



GERMAN INSURANCE COMPANIES. 



STOCK FIRE INSURANCE COMPANIES IN GERMANY, &c. 



tab. 

1825 
1812 

1839 
I860 
1*4 4 



Locality. 



Names and Firms of the Companies. 



Stock 
Capital. 



Aachen Aachen. Munich Fire Insurance Society 

Berlin , Berlin Fire Insurance Institution 



Cologne Colonia Fire Insurance Society 

Berlin Old G r.nan Fire Insurance Society 

Magdeburg... Magdeburg Fire Insurance Society 



1845 Stettin Prussian National Insurance Society. . . 



1848 
1856 

1822 

1831 
1825 
1824 

1857 
1*47 
1860 
1838 
1S36 
1819 

\cO 

185 
1843 

1*50 
1.^54 
1843 
1843 



3.000.000 
2.000.000 
3.000.000 
1,000,000 

5,000.000 
3.000.000 



Breslaw Scblesische Fire Insurance Society 3.000,000 

Erfurt..... . . . jThuringia Fire Insurance Society : 3.000.000 

Elberfeld Fatherland Fire Insurance Society 2.000,000 



Trie*! . . 

Tl iest 

Vienna 

Pesth 

Triest 

Vienna ... . 

Tritst 

Munich 

Leipzic.. . . 

Dresden. . . 

Oldenburg 

Frankfort.. 

Frankfort. . 

Hamburg . 

Hamburg . 

Hamburg . 
1S20 Hamburg 
1811 Hamburg 



General Assurance 4.200.000 

Azienda Assicuratrice 4.000.000 

1st Austrian Insurance Society 3,000,000 

1st Hungarian Insurance Society 3.150.000 

New Commercial Assurance Society 4.000.000 

Austrian Phoenix Assurance Society 3.000.000 

Adriatic Reunion Security Society." 4.000.000 

Bayi ische Mortgage Exchange Bank 3,000,000 

Leipzic Fire Insurance Society 1,000,000 



Dresden Fire Insurance Society 3,000.000 

Oldenburg Fire Insurance Society 2.000.000 

Deutscher Phoenix Fire Insurance Society 5.500.000 

Provident German Fire Insurauce Society 10.0o0.0n0 

Hamburg — Bremen Fire Insurance Society 2.000.000 

Hamburg Fire Insurance Company of 1843 1.000,000 

5th New Assurance Company 1.500,000 

Patriotic Assurance Company 1.600.000 

2d Security & Fire Insurance Company of 1841 . . . 1,000,000 

— ^Lubeck Lubeck Fire Insurance Society 

Note. The standard of currency for the above Capitals is as follows, viz: The 
first y Companies— Prussian Thaler— 10th to 16th inclusive — Austrian Florin — 
17th South German Florin— 18th to 20th inclusive— Prussian Thaler— 21 to 22 
Florins — and 23 to end. Marc Banco. 



PURE MUTUAL LIFE INSURANCE COMPANIES IX 
GERMANY. 



tab. 



Location. 



Names and Firms of the Companies. 



-I 



182S Gotha Life Insurance Bank for Germanv 

1839 



Vienna General Capital and Annuity Institution 

- 1 Vienna General Provident (Versorgung) Institution.. . . 

1860 Vienna Austrian — Health and Life Insurance Union.. . 

1854 Halle Iduna— Life Pension & Life Ann'y Ins. Soc... . 

1^54 Stuttgart Life Insurance and Savings Bank 

1831 1 Hanover General Life Assurauce Institution 

1831 1 Leipzic Life Insurance Society 

1861; Leipzic Health. Invalid and Life Insurance Society. . . . 

1S55 Darmstadt .. . General Annuity & Life Insurance Institution. . 

185b Schwerin Life Insurance and Savings Bank 

1841 Brunswick. . . General Provident Institution in Brunswick. . . 



i Capital 

■ Funds. 

i 

fll0.893.S42 

1.223.133 

; 11,944.631 

156.829 

913.416 

567.791 

1.491.139 

1.971.116 
100.000 

401.278 



INSURANCE DIRECTORY. 



XC1 



mixed stock: life companies. 



Es- 
tab. 

1828 
1836 
1847 
1844 
1852 
1856 



Location. 

Lubeck 
Berlin 

Hamburg.. 
Frankfort. . 
Leipzic. 
Magdeburg 



Names and Firms of the Companies. 



German Life Insurance Society (Cap.) 

Berlin Life Insurance Society 

Janus — Life and Pension Insurance Society.. 

Frankfort Life Insurance Soeiety 

Teutonia Gen'l Life & Ann'ty Ins. Bank. . . . 
Magdeburger Life Insurance Society 



Capital. 

1,275,000 

Thlrl.000.000 

m.b 1,000,000 

fl3,000.000 

600,000 

Thlr2,000,000 



PURE STOCK LIFE COMPANIES. 



Es- 
tab. 


Location. 

Cologne 

Stettin 

Erfurt 

Berlin 

Vienna 


Names and Firms of the Companies. 


Capital. 


1854 


Concordia Life Insurance Society 


Thlr 10.000.000 


1858 
1856 
1860 
1858 


Germania Life Insurance Share Society 

Thuringias General Insurance Society 

General Railway Insurance Society 

Anchor Life & Annuity Insurance Society.. 

General Assurance , 

Azienda Ast^icuratrice 


3,000.000 

3 000.000 

1,000.000 

fl 2,000,000 


1834 
1 85? 


Triest 

Triest 

Vienna 

Pesth 

Triest 

Triest 


4,200,000 
fl 4,000,000 


1 85?, 


1st Austrian Insurance Society 


fl 3,000,000 


1860 
1857 
1854 


1st Hungarian General Insurance Society... . 

New Commercial Assurance Society 

Adriatic Security Reunion.. 


3.150.000 
4.000,000 
4.000,000 
3.000,000 
flor. 10,000,000 


1836 
1856 


Munich 

Frankfort . . . 


Bayrische Mortgage & Exchange Bank 

Provident General Insurance Society 



FIRE INSURANCE CORPORATIONS ON THE MUTUAL 

PLAN. 



Es- 
tab. 


Locality. 


Names and Firms of the Companies. 


Ins'd Sums 
mil'n Thlr. 


1821 


Gotha 

Altona 

Newbranden- 

burg 

Schwedt 

Stolpe 

Marienwerder 
Brandenburg 
Clausenburg . 
Greisswald.. . 

Leipzic 

Leipzic 

Norden 

Rostock 

Vienna 

Linz 


Fire Insurance Bank of Germany 


366,110.000 


1830 


Fire Assurance Union 


16.782,000 


1826 
1840 
1840 
1846 
1845 


Furniture (Mobiliar) Fire Insurance Society. . . 

it a *i a 

Fire Insurance Society 


43,346,10 

60.000,000 
20,000,000 
39.395,275 
2,152,000 
4.704,113 
28,710,700 
20,178,090 

13 496 881 


1841 
1839 


Furniture (Mobiliar) Fire Insurance Society. . . 
Fire Insurance Company of Germany 




Agricultural (Landwirthschaft) Insurance Insti- 


1827 
1827 


Austrian Mobiliar (Furniture) Fire Ins. Co. 

Fatherland Fire Insurance Society 


6,000.000 

9,000,000 

flll9,000,000 

80,000,000 


1828 

1828 


Wurtemberg Private Fire Insurance Society. . . . 

BankiDg Fire Insurance Society 

Insurance Institution in Vienna, guilders . . 

Banking Fire Insurance Institution 


1811 


Austrian Society in Linz 


67.000'0 


18?8 


Graz 

Brunn 

Innsbruck 


" " Graz 


61.000,000 


1829 


Banking Fire Insurance Institution 


30,000,000 
40,000,000 


1823 


Tyrol Insurance Institution at Voralberg 

Lichtenstein Society in Innsbruck 



[And about eleven other merely local Corporations.] 



XC11 



INSURANCE DIRECTORY. 



NEW YORK STATE GOVERNMENT. 



(From Legislative Manual for 18G2.) 
EXECUTIVE DEPARTMENT. 



Edwin D. Morgan, Governor. 
Robert Campbell, Lt.-Gov. 
Lockwood L. Doty, Private Secretary. 
Clinton D. Harvey, Clerk. 



Daniel F. Tyler, Clerk. 
Charles W. Bentley, Clerk. 
Egbert A. Kibbe, Messenger 



GOVERNOR S STAFF 



Thomas Hillhonse, Adjutant- General. 
Marscna R. Patrick, Inspector -General. 
Benjamin Welch, Jr., Commis'y General. 
Chester A. Arthur, Engineer-in -Chirf. 
Wm. Henry Anthon, Judge- Adxo'te- GerCl. 
S. Oakley Vanderpoel. Surgeon- General. 
Cryler Van Vechten, Quarter- Master- G' I. 
Duncan Campbell, Ass'l Adjt General. 



Thomas B. Van Ruren. Paymaster- Gen'!* 
Thomas B. Anlen, Aid-de- Gamp. 
Samuel I). Bradford, Jr., Aid-de- Cam p. 
Elliott F. Shepard, Aid de-Camp. 
George Bliss, Jr., A id- de- Camp. (YoVr). 
Jolin H. Linsly, Miliary Secretary, de- 
tailed to do duty in Ex. Dept. 
] Win. G. Welch, Ass't Commissary Gen'l. 



OFFICE OF SECRETARY OF STATE. 



Horatio Ballard, Secretary of State. 
Henry P. Wilcox, Deputy Sec'y of Slate. 
Robert Bamber, Chief Clerk. 
Diederich Willers, Jr., Land Office Clerk. 

David D. McNeil, Jr., Book Clerk. 



T. S. Gillett, Alien Clerk. 
Henry W. Andrews, Clerk of Crim'l SVs. 
S. K. Harlow, Clerk of Poor Statistics. 
Rufus A. Reed, General Clerk. 



comp i -roller's office. 



Lucius Robinson. Comptroller. 

Philip Phelps, Deputy Comptroller. 

Peter Keyser, Account and Tr'fer Officer. 

Henry Gallieu, Entry Clerk. 

Brace Millard, Chief Tax Clerk. 

Arthur B. Wood, Clerk for Military Ac't. 



Francis G. Fine, Tax Clerk. 
Franklin Slosson, Tax, Clerk. 
Henry Evans, Cerrsp. Tax Clerk. 
Henry B. Burr, Entry Tax Clerk. 
John Bronk, Stationery Clerk. 
Wm. H. Robinson, Confid'l Clerk. 



TREASURER S OFFICE 



William B. Lewis, Treasurer. 
George F. Lewis. Deputy Treasurer. 
Louis C. Duempelmann, Bookkeeper. 



J. P. S. Briant, Clerk. 
George A. Stannard, Clerk. 



attorney-general's office 

Daniel S. Dickinson, Attorney- General I M. Hendrickson, Clerk. 
Stephen H. Hammond, Dep'y Atty. Gen'l. | Addison G. Courtney, Messenger. 



office of the state engineer and surveyor. 
Wm. B. Taylor, Slcde Engn'r & Surveyor | Sylvs. H. c weet, DpOj. S Engn'r & Surv. 

CLERKS. 



B. S. Van Rensselaer, Land Department. 
J. Wesley Smith, Engineer D'PO-rtment. 



Robert H. Shearman, Railroad Dept. 



INSURANCE DIRECTORY 



XC111 



ENGINEERS EMPLOYED ON THE CANALS. 

Daniel C. Jetine. Division Engineer, Eastern Division. 

Henry Van Vleck, " " Middle Division. 

Orville W. Storey, " " Western Division 

William B. Cooper, Resident Engineer, Utica. 

Morria H. Kimball, •' " Syracuse. 

W. H.H.Gere, " " Waterloo. 

Ensign Bennett, " " Buffalo. 

Daniel Richmond, " " Rochester. 

W. W. Jerome, 1st Assistant Engineer, Syracuse. 

Stephen F. Gooding. " " Lockport. 

George Porter, " " Olean. 



Nathaniel S. Benton, Auditor 



H. C. Southwick, Jr. 
Edmund Savage. 
N. S. Benton, Jr. 



Acountant. 



i DEPARTMENT. 

| William McGoubkky, Acting Auditor 

CLERKS. 

JohnF. Smyth. 
Orrin A. Fuller. 
James H. Lock wood. 



CANAL COMMISSIONERS OFFICE. 

William I. Skinner, Little Falls, Herkimer County, to hold one year. . 
AVilliam W. Weight, Geneva, Ontario County, to hold two years. 
Franklin A. Albekger, Buffalo, Erie Cocnty, to hold three years. 

CLERKS. 

W.T. Loomis, Clerk of Board of Canal I William W. Wight, r Clerk of Contracting 



Commissioners. 



Board. 



Ashbel B. Parmelee, 
William Wasson, 
Thomas B.Carroll, 

Henry W. Reynolds, Clerk 



CANAL APPRAISERS OFFICE 

Canal Appraiser, 



Malooe, Franklin County. 
Auburn, Cauga County. 
Troy, Rensselaer County. 
| William R. Wasson, Assistant Clerk. 



OFFICE OF CLERK OF COURT OF APPEALS. 

Charles Hughes, Clerk of Court of ID avid Wilson, Deputy Clerk of Court of 
Appeals. I Appeals. 

CLERKS. 

Leonard Van Der Kar. I James M. Whelpley. 

William H. Young. 



BANKING DEPARTMENT. 

Henry H. Van Dyck, Superintendent. | Edward Hand, Deputy Superintendent. 

DEPARTMENT OF FREE BANKS. 

Nathaniel W. Hare, Bookkeeper. 

George F. Baker. Ass't •' 

Dobert Dorlon. Register. 

James Taylor, •' 

Henry R. Cone, 

P. Piatt Williams, " 

DEPARTMENT OF INCORPORATED BANKS. 

Alex. H. Dennis, Bookeeper. I Giles K. Winne, Register . 

James Nichols, Principal Register. 

George D. Lyman, Agentin New York, in charge of Bank Notes, Plates and Printing. 



Stephen Lush, Register. 

Howard Holdridge. " 

Joseph L. Snow, Clerk. # 

Clarence W. Olcott, numbers bank notes. 

Andrew W. Green, Clerk. 



OFFICE OF THE SUPERINTENDENT OF PUBLIC INSTRUCTION. 

Victor M. Rice, Superintendent. \ Emerson W. Keyes, Deputy Super intend' t. 

CLERKS. 

Isaiah R. Clark. | John Atwood. 



[RECTORY. 

INSURANCE PEFaRTM- 

William Barnes. Superintendent ' Charles H. Raymond. Deputy Svpt. 

~eel*. M. H. Robertson. 



INSPECTOR OF STATE PRIS: 

Dattd P. Forrest. Schenectady, to hold one ypar. 
James K. Bates. Watertowu. to hold tiro jea 
Abraham B. Tappan. Fordhara. to hold three yean 



STPERINTENDENT OF WEIGHTS AXD ME 



COMMISSIONERS OF THE LAND OFFICi'. 



Lieutenant-Governor Campbell. [ Attorney -General Dickinson. 

Secretary of State Ballard State Engine* r and Surveyor Taylor. 

*■■_■--, ,-- 



Comptroller Robi son. 



\8peal >y Raymond. 



COM' 

Lieutenant- Gorerr.orC*mpbelL | Treasurer Lew - 

Secretary of State Ballard. I Attorney -General Dickinson. 

'"'■ ; - - K - .: - -. 






Lieutenant- Governor Campbell. j Attorney- General Dickinson. 

Secretary of State Ballard. | State Engineer and Surveyor Taylor. 

r _ :'::.-: i . j Canal Corns. Skinner, Wright A Alberger. 

Treasurer L « I 



TRACTTNG BOARD. 

[L'nder chap. 32), Law- ^i chap. 105. Law- . " 

The State Engineer and Surveyor. 
The Auditor of the Canal Department, and 
The Canal Commissioners. 

Clere— William W. Wight. 

Contracts for all work to be done, under chap. . L. and for tiie re- 

lairs of the completed canals, under chap. 105, Laws of 1857 : and appoints Division. 
Resident and First Assistant Engineers, and Superintendents of Rep . 



trc?~; 

Governor Morgan. | Comptroller Robio^oi. 

-xartt- Governor Campbell. j Attorney- General Dickinson. 

y.ry of State Ballard. | Speaker of Assembly Raymond. 

vnsiBHe ran t^te hall. 

Goxernor Morgan. J Attorney-General Dickinson. 
Lieutenant- Governor Campbell. Engineer and Surveyor Taylor 

Secretary of State Ballard. j Speaker of Assembly Raymond. 
Cjmptrotler Robinson. 



INSURANCE DIRECTORY 



XCV 



UNITED STATES JUDICIAL DISTRICTS. 

Northern District of New York. 

Counties of Albany, Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Che- 
mung, Chenango, Clinton Cortland, Delaware, Erie, Essex, Franklin, Fulton, Genesee, 
Hamilton, Herkimer, Jefferson. Lewis, Livingston, Madison, Monroe, Montgomery, 
Niagara, Oneida, Onondaga, Ontario, Orleans. Oswego, Otsego, Rensselaer. St. Law- 
rence, Saratoga, Schnectady, Schoharie, Schuyler, Seneca, Steuben, Tioga, Tompkins, 
Warren, Washington, Wayne, Wyoming -;nd Yates. 

Southern District of New York. 

Counties of Columbia, Dutchess, Greene, Kings, New York, Orange, Putnam, Queens. 
Richmond, Rockland, Suffolk, Sullivan, Ulster and Westchester. 



JUDICIAL DISTRICTS OF THE STATE. 

Established by Act of Legislature, 8th May, 1847. 



District L City and County of New York. 

District II. Counties of Richmond, Suffolk, Queens, Kings, Westchester, Orange, 
Rockland, Putnam and Dutchess. 

District III. Counties of Columbia, Sullivan, ULster. Greene, Albany, Schoharie 
and Rensselaer. 

District IY. Counties of Warren, Saratoga, Washington, Essex, Franklin, St. Law- 
rence, Clinton, Montgomery, Hamilton, Fulton and Schenectady. 

District Y. Counties of Onondaga, Oneida, Oswego, Herkimer, Jefferson and 
Lewis. 

District VI. Counties of Otsego, Delaware, Madison, Chenango, Broome, Tioga, 
Chemung, Tompkins, Cortland and Schuyler. 

District VII. Counties of Livingston, Wayne, Seneca, Yates, Ontario, Steuben, 
Monroe and Cayuga. 

District VIII. Counties of Erie, Chantauque, Cattaraugus, Orleans, Niagara, Gene- 
see, Allegany and Wyoming. 



I 



XCV1 



INSURANCE DIRECTORY 



GENERAL SUMMARY OF NEW YORK MARINE 
NSURANCE CO.'S ACCOUNTS FOR 22 YEARS— 1839 to 1861. 





Prem. received. 


Prem. earned. 


Losses, etc. 
290,478 


Surplus. 


1839 


517.808 


337.765 


47,287 


1840 


603.702 


473,149 


382,392 


90,757 


1841 


909.820 


694.004 


559,090 


134,914 


1S42 


1.489.425 65 


j 1.197.628 23 


955.450 89 


242,177 34 


1843 


2.737.983 05 


2.290,588 70 


1.546,239 86 


744,348 84 


1844 


4.306,508 


3.683.210 45 


2. 70S. 071 73 


975,138 72 


1845 


3.889,374 45 


3,301,852 45 


4.184.609 12 




1846 


3.704.141 76 


3.714.502 94 


3.157,439 61 


587,063 33 


1847 


4.419.336 65 


4.378.969 20 


3,513,484 2o 


865.485 


1848 


3,918,936 20 


3,864,690 30 


2.(123.269 53 


1.241.4 20 77 


184!) 


5.216,775 79 


4.743,757 12 


3.379.498 98 


1.364.258 14 


1850 


7.995,568 60 


6,900,209 00 


5,181.607 15 


1,718,601 85 


1851 


7.622.227 30 


7.956,877 10 


5.666.070 39 


2,290,806 71 


1852 


9,167,807 79 


8.043,950 57 


5.528.985 63 


2.514.964 94 


1853 


11.891,017 59 


10,764,971 31 


8.319.618 51 


2,415,352 80 


1854 


9,711.677 83 


9.972.774 71 


9,902,165 99 


70.608 92 


1855 


13.237.720 70 


12,867,486 27 


12,358,424 89 


509,061 38 


1856 


13.561.700 


13,121,368 89 


11,450,601 32 


1,670,767 57 


1857 ' 


12.150.975 22 


12,891.490 25 


11,221,984 10 


1,669,506 \5 


1858 


11.791.318 70 


11.448.538 52 


7,629,502 10 


3.819,036 42 


1859 


13.730.438 31 


12,639.201 68 


9,446,293 09 


3.192,907 91 


1860 


18,289,503 39 


13.024.894 20 


1 1 .024. 320 57 


2.000.57;; 78 


1861 ' 


15.962,432 07 


11,643.608 60 

159 985,488 59 

1 — > 


10. 555. 335 16 


1,088,273 41 




176,826,199 14 


131.611.932 62 


29.253.312 64 



ROYAL INSURANCE COMPANY OF LIVERPOOL, ENG. 

Summary of progress of the fire branch of the business, extracted from the 
Company's report in 1860. 











Increase of 


the Year above each 


Year. 


Total Premiums Received. 


preceding 


one. 




£. 


s. 


D. 


£. 


p. 


D. 


1850 


41.027 


10 





9.557 


19 


8 


1851 


52.673 


5 


11 


8,645 


15 


11 


1852 


76.925 


4 


2 


24.251 


18 


13 


1853 


112.564 


4 


4 


35.639 





2 


1854 


128.459 


11 


4 


15.895 


7 





1855 


130.060 


11 


11 


1,601 





7 


1856 


151.733 


9 


6 


21.672 


17 


L 7 


1857 


175.049 


4 


8 


23.315 


15 


2 


1858 


196.148 


2 


6 


21,098 


17 


10 


1859 


228.314 


7 


3 


32,166 


4 


9 



For New York Branch Office see advertisement. 



A. B. McDONALD, Agent. 56 Wall street. 



INSURANCE DIRECTORY 



XCV11 



OFFICERS OF THE NEW YORK CHAMBER OF 
COMMERCE, 

Elected May 1, 1862, for the Year ending May, 1863. 

PELATIAH PERIT, President. 
Royal Phelps, First Vice-President. Edward C. Bogart, Treasurer. 
Abiel A. Low, Second Vice-President. John Austin Stevens, Jr., Secretary 



Charles H. Marshall, Chairman 
Henry Chauncey, 
William E. Dodge, 
James Gallatin, 
Sheppard Gandy, 



Executive Committee. 

Nathaniel L. McCready. 
James D. P. Ogden. 
Augustus C. Richards. 
Henry A. Smythe. 
Benjamin R. Winthrop. 



Committee of Arbitration. 
Robert B. Minturn, Chairman. 
W. S. Griffith, till June 18G2. Fam'l D. Babcock, till Dec. 18C2. 

Geo. F. Thomae, till Sept. 1862. John Sturges, tdl March, 1863. 



Committee on Mercantile Library. 
Charles A. Davis, Chairman. 
William Parton, Charles H. Marshall. 

Henry K. Bogert, John K. Myers. 



Trustees of the Institution for the Savings of Merchants' Clerks 
Elected 1861 : 



Elected I860: 

term will expire in 186 

Abm. M. Cozzens, 

Merritt Trimble, 

Charles A. Macy, 



term will expire in 1864. 
Moses H. Grinnell,- 
Benj. R. Winthrop. 
Oliver S. Strong, 



Elected 1862 : 

term will expire in 1S65 

Matthew Maury. 

H. W. T. Mali. 

A. Grade King. 



Board of Commissioners of Pilots. 
Elected by the Chamber of Commerce September, 1861, for two years. 
Robert L. Taylor, Elisha E. Morgan. Chas. H. Marshall. 



Trustees of the Nautical School for the Harbor of New York. 
Elected October, 1861, for five years, from May, 1861. 
Ellwood Walter, George D. Morgan, E/ra Nye. 



XCV1U 



INSURANCE DIRECTORY. 




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INSURANCE DIRECTORY, XC1X 



OFFICERS OF NEW YORK LIFE INS. C9.K, 

REVISED LIST CORRECTED FROM PAGE XIV. 

ALLEN, ISAAC H, Sec Security Life 31 Pine St. 

ABBOTT, ISAAC, Sec Mutual Life, 04 Broadway. 

ALEXANDER, WM. C., Pres. . .Equitable Life, 92 Broadway. 

BEERS, WM. H, Cashier NY. Life, 112 Broadway. 

BREWER, WM. A., Jr., Actuary. Washington Life, 9S Broadway 

CASE, ROBERT L., Pj.es Security Life, 31 Pine St. 

COLLINS, JOSEPH B., Prcs,. .United States Life, 40 Wall St. 

CURTISS, CYRUS, Pres Washington Life, 98 Broadway. 

DE GROOT, NICfl. G. Actuary. .U. S. Life, 40 Wall St. 

EADIE, JOHN, Sec U. S. Life, 40 Wall St. 

FRANKLIN, MORRIS, Pres. . . .N. Y. Life, 112 Broadway. 
FREEMAN, PLINY, Actuary. . N. Y. Life, 112 Broadway. 

GAHAGAN, H. V., Sec Guardian Life, 102 Broadway. 

GRIFFITH, WALTER S., Pres. f Home Life, Court St., Brooklyn, 

{ 171 Broadway. 

HALSEY, J. L, As't Sec Manhattan Life, 31 Nassau St. 

HOMANS, SHEPPARD, Act'y .. Mutual Life, 94 Broadway. 
HOMANS, J. SMITH, Actuary.. Guardian Life, 102 Broadway. 
HYDE, HENRY B., Yice-Prcs. .Equitable Life, 92 Broadway. 
KENDALL, ISAAC C, V. Pres..N. Y. Life, 112 Broadway. 

KEARNEY,. PHILIP R., Sec N. Y. Life and Trust, 52 Wall St. 

LYMAN, ERASTUS, Prcs Knickerbocker L'fe, 106 Broadway. 

MURDOCK, CAREY, Actuary. .Security Life, 31 Pine St. 
NEWBOLD,CLEAYTON,VicePres. Washington Life, 98 Broadway. 
PECKHAM, WALTON II. Pres. Guardian Life, 102 Broadway. 
PHILLIPS, GEO. W, Actuary. .Equitable Life, 92 Broadway. 

RIPLEY, GEO. C, Sec Home Life, B'klyn& 171 Broadway. 

SCHWENDLER. FREDERICK, ) Germania Life, 90 Broadway. 

Acting-Sec. and Yice Pres j 

SNIFFEN, GEORGE, Sec Knickerbocker Life, 106 Broadway. 

STEBBINS, SAM'L N., Actuary. Manhattan Life, 31 Nassau St. 

STOKES, HENRY, Prcs Manhattan Life, 31 Nassau St. 

THOMPSON, DAVID, Pres N. Y. Life and Trust, 52 Wall St. 

WEMPLE, C. Y., Sec Manhattan Life, 31 Nassau St. 

WESENDONCK, HUGO, Pres: ..Germania Life, 90 Broadway. 
WETMORE, THEO. R., Vice Pres.Security Life, 31 Pine S'. 
WINSTON, FRED'K S., Prcs.. . .Mutual Life, 94 Broadway. 
Y ATM AN, JOHN V Local Act'ry Royal Life, 56 Wall St. 



INSURANCE DIRECTORY 



CONNECTICUT. 



ADDITIONAL LIST OF OFFICERS AND AGENTS, 

De Forest, Marcus, Bridgeport. 

Hatch & Wade, ,; 

Middlebrook, S. M., " 

Segee, Lewis C, " 

Sherman & Marsh, " 

Peck, Jos. J., Bristol. 

Stone, 0., Danbury. 

Birdseye, T. G., Birmingham, Derby. 

Alvord, Edwd., Southport, Fairfield. 

Rowe, Reub., Fairhaven. 

Frink, Adam, New London. 



(continued from p. xliv.) 

Young, A. A., Jewetts City. 
Bill, Lodowick, Lynne. 
Strong. N.. South Manchester, Manches'r. 
Butler. H. C. & Co.. West Meriden. 
Rockwell, Edwin. Middletown. 
Beardsley, L. N., Milford. 
Hubbelk D. L., 
Me r win. J. W., 
Collins. A. P.. New Britain. 



Frink, N. IL. 


do 


Hedge, Edward, 


do 


Child, Calvin G , 


Norwich 


Denison, J. L.. 


do 


Holbrook. S. T., 


do 


Lamb, I. G.. 


do 


Perkins. George, 


do 



Learned Joshua C. 
Lockwood, George. 



New London. 
. New Milford. 



Lay, Oliver L. Lynne, Old Lynne. 
Hart Henry, Saybrook. Old Saybrook 
Dimmick, Ephraim, Stafford Spring 

Stafford. 
Seely, Sands. Stamford. 
Fuller, Lucius, Tolland. 
Fuller, Ebenezer, Norwich. 
Tracy, H. B.. Secretary and Treasurer. Norwich Mutual, Norwich 
Bill, Elijah A., Pres. New London Co. Mutual. Norwich. 
Devotion. John L., Sec. do. do. do. 

Dyer, Charles E . Assistant Secretary Thames Fire, Norwich. 
Brackenridge, Wm. P., Secretary '■ " 

Denison, John L., Agent and Actuary, Norwich Fire, Norwich. 



Holt. Clarke, Rockrille, Vernon. 
Abbott, Ausom F., Waterbury. 
Hall <fc Smith. 
Stevens, L. L.. il 

Burr, Daniel, Westport. 
Hinsdale, J., West. Winsted. 
Phillips, I. T.. Winchester. 
Phillips, W. S , 

Illson. A. W.. Williainantic. Windham. 
Sayles, Geo. W., Windsor Locks. 
Preston, Gilbert H.. Tolland. 
Eaton, Wm. P., agent, Norwich. 



AVERAGE ADJUSTERS IN NEW YORK. 



Bird & Neilson, 42 Pine st. 
Johnson & Higgins, 89 Wall st. 
Jones & Whitlock. 65 Wall st. 
Lawson & Walker, 62 Wall st. 



Moody & Telfair, 93 Wall st. 

Paulison, John P., and Notary Public, 

46 Pine st. 
Satterthwaithe Brothers, 61 William st. 



INSURANCE AGENTS & BROKERS IN NEW YORK. 



Albert H.. 11 Av. A. 
Backus. W. II., 112 Broadway, 
Boggs, W. J.. 18 Pine st, 
Bradly. S., Ill Broadwav. 
Campbell, F. H., 18 Pine st. 
Davis & Diirfee. 168 Broadway. 
Godet, H. H., 18 Pine St. 



Heins, W. F„ 21 Nassau st 
Hewson. D. Caldwell, 195 Broadway, 
Honig, H., 118 Broadway. 
Quackenboss Bros., 67 Wall st. 
Rendall, Alfred, 19 Nassau St. 
Ross, R. H., 704 Broadway. 
Smith, Benson B., 11 Wall st. 



INSURANCE DIRECTORY. CI 

GENERAL AGENTS OF LIFE INSURANCE COMPANIES 
OF OTHER STATES IN MASSACHUSETTS, 1862. 

Edwin Ray, 20 State st., Boston, for Connecticut Mutual. 

Arthur Merrill, 27 Scate St., Boston, for Charter Oak Life, Conn. 

Thorndyke D. Hodges, Haverhill, Massachusetts, for Equitable Life, N. Y. 

Amos. L. Woods, 83 State st., Boston, for Germania Life, N. Y. 

Thos. F. Holden, 22 Congress st., for Guardian Life, N. Y. 

Benjamin Willes, Jr., Brookline, for Home Life of N. Y. 

Geo. W. Norris, 17 State st., Boston, for Knickerbocker Life, N. Y. 

J. Mason Everett, 10 Phcenix Building, Boston, for Manhattan Life, N. Y. 

Joseph B. Prince, 27 State st., Boston, for Mutual Benefit Life. 

Benjamin Perkins, for Mutual Lifebf N. Y., 39 State st., Boston. 

James T. Phelps, 9 Merchants Exchange Boston, for National Life of Vermont. 

Lorenzo Burge, 49 Merchants Exchange, Boston, for Phoenix Mutual of Hartford. 

Henry Crocker, 68 State st., Boston, for Union Mutual of Augusta, Me. 

Edward J. Long, 46 State st., Boston, for U. S. Life of N. Y. 

George "W. Reed, 9 Old State House, Boston, for Washington Life of N. Y. 



DELAWARE. 

INSURANCE COS. IN THE CITY OF WILMINGTON. 

DELAWARE FIRE INS. CO.— Capital $100 ; 000. 
Pres.. George Jones: Sec, John McLear. 

NEWCASTLE CO. MUTUAL INS. COMPANY. 
Prets , Wm. Canby ; Sec. & Treas., George H. P. Simmons. 

THE FARMERS' MUTUAL FIRE INS. CO., of the State of Delaware, 

Assets 1862— $300,000. 

Pres.. Jesse Sharpe ; Sec. & Treas., Robert M. Cable, M. D. 



31IJVNESOTA. 

INSURANCE AGENTS. 

Thompson & Bros., Agents for Liverpool & London, St. Pauls. 

P. W. NicnoLS— General Agency, St. Pauls. 

W. W. King — Life Insurance Agent, St. Pauls. 

Foeup & Oakes — Agents for Home of N. Y., St. Pauls. 

Notk. — A Life Insurance law has been passed in this new State which is copied 
very closely after the N. Y. statute, but contains the extraordinary provision 
that no company shall be admitted to do busines in the State unless it has 12,000 
policies in force. 



Cll INSURANCE DIRECTORY. 



Year. 


No* of Companies. 


1840.... 


41 


1850. ... 


30 


I860.... 


117 



STATISTICS OF INSURANCE 1IV UNITED STATES, 

FROM LAST CENSUS. 



The progress of insurance in the United States has been rapidly following the 
development of commerce and trade, of which it is the' necessary accompani- 
ment, since the system of buying and selling goods on credit necessitates the re- 
sort to every possible means of making those credits safe. None is more obvious 
than that of requiring all goods to be insured. It follows that a? commodities 
increase in quantity and value, the amount to be covered by insurance must ex' 
pand in the same proportion. Unfortunately, however, there have been no re- 
gular statistics collated from year to year, as in the case of banks, by which that 
interesting index to the growth of the national wealth might be compared. The 
State of Massachusetts has paid most attention to this matter , and the annual 
reports are very valuable. The number of companies and amounts at rifek have 
been as follows in that State : 

Capital Stock. Fire Risk. Marine Risk' 

$7,475,000 51,998,596 50,631,877 

6,106,875 63,943,273 76.082,529 

6,353.100 318,923,289 101,972,974 

The total property at risk has increased in the ten years $310,870,461. Inder 
the present laws of New York the insurance returns are well organized. Taking 
the figures in connection with those of the leading ones of other States, the re- 
sults are as follows : 

Xo. of Companies. 

New York 135 

Massachusetts 117 

Connecticut 12 

Rhode Island 6 

Philadelphia 10 

New Orleans 9 

Charleston 2 

Augusta, Georgia 1 

Jersey City - 1 

Peoria, Illinois 1 

Total — $2,105,533,319 

The amount at risK by all companies in the Union may approach three thou- 
sand millions, and the losses were reported as follows for IStiO : 

Vessels and freights $13,525,0C0 

Cargoes 15,050.700 

Total Marine 28,575.700 

By Fire 22,020,000 



Cap' I and Assets. 


At Risk 


$53,287,547 


916,474,956 


6.353.100 


450,896,263 


5.364.686 


279,322,184 


2,419,688 


32,187,104 


6,510,001 


139,229,374 


6,738,031 


221.100.000 


— 


47,291.000 


952,858 


7,000.000 


179,713 


5,231,061 


363,995 


6,800.377 



Total Losses $50,595,700 



INSURANCE DIRECTORY. Clll 

INSURANCE JOURNALS. 



NEW YORK. 

TirE Insurance Monitor and Wall Street Review, established March, 1853— 
monthly, 24pa. quarto. Terms $2 per annum ; T. Jones, Jr., Editor and 
Proprietor, 14 Wall street. 

The United States Insurance Gazette & Magazine, established 1855, monthly — 
magazine form 56 pages octavo (with advertisements). Terms S3 per annum ; 
Gilbert E. Carrie, Editor and Proprietor, 79 Pine St. 

The Wall Steet Underwriter and General Joint Stock Register— established 
May 1859 ; monthly — 16 page folio. Terms $3 per annum ; Samuel Grierson 
A J. B. Ecclesine, Editors and Proprietors, 18 Wall St. 

PHILADELPHIA. 

Commercial and Insurance Journal, established in 1S'>1 (as successor to Tacketl's 
Monthly, established in 1852). semi-monthly, 8 page folio. Terms $2 per annum ; 
James Mclver, Editor and Proprietor, 31 \\ Walnut St. 

Philadelphia Intelligencer, Insurance Railway, Finance Ac established as 

Insurance Intelligencer 1857 — semi-monthly, 8 page folio; Orrin Rogers Editor 
& Proprietor, 323 Walnut St. 

Leg\l and Insurance Reporter, established Dec. 1S59 — semimonthly. 8 page 
folio. Terms $1 per annum ; James Fulton Editor and Proprietor, Geo. W. 
Harkius, Ass't. Editor, 424 Walnut St. 

The American Exchange and' Review. (Patents, Railroads. Insurance and Fi- 
nance,) established Feb. 1862 — monthly magazine, 68 pages octavo. Terms $3 
« per annum ; John A. Fowler Editor and Proprietor. Whiting A Co., Publishers, 
712 Chestnut St. 

BOSTON-MASS. 
New England Insurance Gazette, established May. 1862— monthly, 8 page 
4to. Terms $1 per annum ; W. Hidden, Editor & Proprietor. 

CHICAGO, ILLINOIS. 

Chicago Insurance and Railway Register, established 1S59, monthly — 8 pages 
4to. Terms $1 per annum ; John A. Nichols. Editor & "Proprietor, 7 Masonic 
Temple, Dearborn St., Chicago. 

The Participator by Philipps & Co.. a monthly circular-- 4 page folio, circula- 
ted gratis. 

MONTREAL, C. E. 
Canada Insurance Gazette and Real Estate and Sheriff's Sale Register, es- 
tablished 1859 — monthly, 4 pages full folio. Term? $2 per annum; Joseph 
Whyddon, Editor & Proprietor, 22 St. Francois Xavier St., Montreal. 

LONDON, ENGLAND. 

The Pcst Magazine and Insurance Monitor, established 1810 ; edited by J. Hoo- 
per Hartnoll, ; published by W. L. D. Pateman. Wine OtBce Court. Fleet St., 
London. A weekly— 8 page cpiarto. Terms $1 per annum. 

The Reporter, or the London Monetary Ttmes, established 1847--monthly 24 
page 8v0. Terms $1 50 per annum : edited and published by J. Irving Scott, 
9 Crane Court, Fleet Street. ' 

The Insurance Gazette and Provident Societies' Chronicle, established 1S55, 
R. A. Sharman, Editor & Proprietor ; published by A. C. Hailes, 57 Cheapside, 
London. Terms $2 per annum. Monthly. 16 p. 4to. 
LEIPSIC, GERMANY. 

The Insurance Remew, (Rundschau cler Verisclierungen) established 1850; monthly 
Magazine 32 paj es 8vo. Terms 6 Thlr. 10 Ngr. per annum ; Dr. E. A. Masius. 
Editor & Proprietor. Leipsic. 



ERRATA AND ADDENDA. 



PAGE. 

x Glover, R. 0., Secretary of Harmony, is now President, autl Daniel D. Gass- 
ner Secretary. 

xi Leary, Arthur, President of Harmony, resigned., 

xiii Van Norden. James, President of Exchange. 170 Broadway, has resigned ; 

xiv Van Olinda. A. B., Secretary of Washington Marine, resigned : A. L. Mc- 
Carthy is present Secretary. 

xiv J. H. Earle is President of New Vork Mutual Marine, Gl William st. 
'• For revised list of officers of New Vork Life Companies, see page xcix. 

xxii For Stevens, Benjn. T., read Benin. P., Secretary of New England Mutual 
Life. 

xxiv Add to Life Insurance Agents in Philadelphia, E V. Machette. Agent for 
' Mutual Benefit and Manhattan. 230 Walnnt st.. and I. M. Richards, agent 
for Germania Life. 

xxx Massachusetts Insurance Agents— For "Bane"' on 7th line read -Bane." 
address Edwin Woods, Agent for City Fire of New Haven. 

xlv Rice, Oliver P., Secretary of Thames Fire. Norwich, resigned; William P. 
Brackenridge. new Secretary. # 

•• For Ewing, D. D., Sec'y Hartford Coy Mutual, read Eiving. D. D. 

xlvi Agents in Connecticut — see additional list, page c. 

lxx Agents in Chicago— add 0. Cronkbite, Agent for Mutual Life of New York. 

lxvi New Jersey — S. Coes (not Cowles) Secretary for Clinton Mutual, and Wm. 
Pennington, President of Newark Mutual Fire. Doth deceased ; Pemas 
Coltou now President of Newark Mutual Fire. 
" Officers of Newark Firemens' Insurance Company omitted — S. R. W. Heath 

President ; John Y. Foster, Secretary. 
' : Agents in New Jersey— 11th line read " L. Spencer Goble." Agent for Mu- 
tual Life. 

lxxix Underwriters' Agents. San Francisco— for Mebins, OF., read Mebius, C. 
F., (Agent for Bremen, 308 Clay stA 
" Officers of German Mutual omitted : Pres.. J. G. W Schulte ; Sec, John 
Ivohlmoos ; Treas., N. Van Bergen. 

Ixxx 2d line, for Jamson, Bond & Co.. read Janson, Bond & Co. 



General Note. - The statistics of Insurance from last census given on page cii 
will be found on comparison with the statistics furnished by this Manual to be 
very incomplete and erroneous. For instance, the census takes only 10 compa- 
nies from Pennsylvania — whilst the table on page xcviii returns 32 Companies. 
The census summary for several other States is manifestly very defective. In the 
present political condition of the Southern States, no reliable particulars can be 
given of the companies remaining in Virginia, the 2 Carolinas, Georgia, Tennes- 
see, Alabama, Missouri, Arkansas and Texas. 



APPENDIX. 



CV 



U. S. NATIONAL TAXES ON INSURANCE. 



Duty. 



Extract from Tax BUI passed by Cmgress, July 1st, 1862. Banks, trust 

and insurance 

Sec. 82. And be it farther enacted, That on and after ga^n^inlttt^ 
the first day of July, eighteen hundred and sixty-two, there tions - 
shall be levied, collected, and paid by all banks, trust com- 
panies, and savings institutions, and by all fire, marine, 
life, inland, stock, and mutual insurance companies, under 
whatever style or name known or called, of the United 
States or Territories, specially incorporated or existing un- 
der general laws, or which may be hereafter .incorporated 
or exist as aforesaid, on all dividends in scrip or money 
thereafter declared due or paid to stockholders, to policy 
holders, or to depositors, as part of the earnings, profits, 
•or gains of said banks, trust companies, savings institutions, 
or insurance companies, and on all sums added to their 
surplus or contingent funds, a duty of three per centum : 
Provided, That the duties upon the dividends of life in- 
surance companies shall not be deemed due, or to be col- 
lected until such dividends shall be payable by such com- 
panies. And said banks, trust companies, savings insti- 
tutions, and insurance companies are hereby authorized 
and required to deduct and withhold from all payments 
made to any person, persons, or party, on account of 
any dividends or sums of money that may be due and pay- 
able, as aforesaid, after the first day of July, eighteen 
hundred and sixty-two, the said duty of three per centum. 
And a list or return shall be made and rendered within 
thirty days after the time fixed when such dividends or ment eV ery six 
sums of money shall be declared due and payable, and as montns ' 
often as every six months, to the Commissioner of Inter- 
nal Revenue, which shall contain a true and faithful ac- 
count of the amount of duties accrued or which should 
accrue from time to time as aforesaid, during the time 
when such duties remain unaccounted for, and there shall 



CV1 



APPENDIX. 



Penalty. 



P-y duties 
upon rendering 
statement. 



Penalty. 



Insurance 
Com; 



Datv. 



be annexed to every such list or return a declaration, un- 
der oath or affirmation, to be made in form and manner as 
shall be prescribed by the Commissioner of Internal Rev- 
enue, of the president, or some other proper officer of 
said bank, trust company institution, or insurance 

company, respectively, that the same contains a true and 
faithful account of the duties which have accrued or 
should accrue, and not accounted for. and for any default 
in the delivery of such list or return, with such declaration 
annexed, the bank, trust company, savings institution, or 
insurance company making such default shall forfeit, as a 
penalty, the sum of five hundred dollars. 

That any person or 
persons owning or {assessing, or having the care or man- 
agement of any railroad company or railroad corporation, 
bank, trust company, savings institution, or insurance com- 
pany, as heretofore mentioned, required under this act to 
make and render any list or return to the Commissioner of 
Internal Revenue, shall, upon rendering the same, pay to 
the said Commissioner of Internal Revenue the amount of 
the duties due on such list or return, and in default there- 
of shall foi : penalty the sum of five hundred dol- 
and in case of neglect <:»r refusal to make such list 
or return,- - I luties as aforesaid, 
for the spat rty days after the time when said list 
should have been made and rendered, or when said duties 
shall have become due and payable, the assessment and 
collection shall be made according to the general provi- 
sions heretofore prescribed in this act. 

M . further enacted, That on the first 

day of October, anno Domini eighteen hundred and sixty- 
two, and on the first day of each quarter of a year there- 
after, there shall be paid by each insurance company, 
whether inland or marine, and by each individual or asso- 
ciation engaged in the business of insurance from loss or 
damage by fire, or by the perils of the sea, the duty of one 
per centum upon the gross receipts for premiums and 
sments by such individuals, association or company 
during the quarter then preceding : and like duty shall 
be paid by the agent of any foreign in-u ranee company 
having an office or doing business within the United 
States. 



APPENDIX. CVU 

Sec. 85. And be it further enacted, That on the first T ° .make 
J ' quarterly re- 

day of October next, and on the first day of each quarter turns. 

thereafter, an account shall be made and rendered to the 
Commissioner of Internal Revenue by all insurance com- 
panies, or their agents, or associations or individuals 
making insurance, except life insurance, including agents 
of all foreign insurance companies, which shall contain a 
true and faithful account of the insurance made, renewed, 
or continued, or indorsed upon any open policy by said 
companies, or their agents, or associations, or individuals 
during the preceding quarter, setting forth the amount 
insured, and the gross amount received, and the duties 
accruing thereon under this act ; and there shall be an- 
nexed to and delivered with every such quarterly account 
an affidavit, in the form to be prescribed by the Commis- 
sioner of Internal Revenue, made by one of the officers of 
said company or association, or individual, or by the 
agent in the case of a foreign company, that the state- 
ments in said accounts are in all respects just and true ; 
and such quarterly accounts shall be rendered to the Com- 
missioner of Internal Revenue within thirty days after the 
expiration of the quarter for which they shall be made up, 
and upon rendering such account, with such affidavit, as 
aforesaid, thereto annexed, the amount of the duties due 
by such quarterly accounts shall be paid to the Commis- 
sioner of Internal Revenue ; and for every default in the 
delivery of such quarterly account, with such affidavit an- 
nexed thereto, or in the payment of the amount of the 
duties due by such quarterly account, the company, or 
agent, or association, or individual making such default 
shall forfeit and pay, in addition to such duty, the sum of Penalty. 
five thousand dollars. 



cvm ::in: :: 






l. ".= ■; •!'. '-} 



STAMP DUTIES 



Irom Schedule B. Excite f 

— Policy of insurance, or other 
instrument by whatever name the same shall 
be called, whereby any insurance shall be 
made upon any life or lives — 
i the amount insured shall not exceed one 
thousand dollars, twenty-five cents 25 

Exceeding one thousand and not exceeding fire 

thousand dollars. : 50 

ding five thousand dollars, one dollar 1 00 

Ihsurah ~. Hasdh I — Each 

policy of insurance or other instrument by 
whatever name the same shall be called 
which insurance shall be made or renewed 
upon property of any description, whether 
against perils by the sea or by fire, or other 
peril of any kind, made by any insurance com- 
pany, or its agents, or by any other company 
or pers r 25 



THIRD ANNUAL REPORT 



OF THE 



SUPERINTENDENT 



OF THE 



§nmxmu §t\mxtnm\t 



OF THE 



STATE OF NEW YORK, 



WITH STATISTICAL TABLES AND APPENDIX. 



ALBANY: 

CHARLES VAN BENTHUYSEN, PRINTER. 
1862. 



SUMMARY OF CONTENTS. 



Superintendent's Report: 

Page, 

Introduction v to 

New York Joint-Stock Fire Insurance Companies viii " 

New York Mutual Fire Insurance Companies xiv " 

Fire and Fire -Marine Insurance Companies of other States xvii " 

Foreign Fire Insurance Companies xxi i( 

New York Marine Insurance Companies xxx (( 

New York Life Insurance Companies • xxxiii et 

Life Insurance Companies of other States xxxviii (< 

Foreign Life Insurance Companies xxxix ' ' 

Miscellaneous xlvi " 

Statistical Tables : 

Tables Nos. I and II, New York Joint-Stock Fire Insurance Companies, 1 <e 

Table No. Ill, New York Mutual Fire Insurance Companies lxii " 

Tables Nos. IV and V, Fire and Fire-Marine Insurance Companies of 

other States lxvi s( 

Tables Nos. VI, VII and VIII, New York Marine Insurance Companies, lxxii " 

Tables Nos. IX and X, Life Insurance Companies lxxviii " 

Receipts and Expenses of the Insurance Department for the Fiscal years 

ending Sept. 30, 1860, and Sept. 30, 1861 lxxxii " 

Abstracts of Annual Statements : 
Abstracts of the Annual Statements of New York Joint-Stock Fire Insu- 
rance Companies, (ninety-five companies) 1 ce 

Abstracts of the Annual Statements of New York Mutual Fire Insurance 

Companies, (twenty -five companies) 201 " 

Abstracts of the Annual Statements of Fire and Fire-Marine Insurance 

Companies of other States, (thirty-one companies) 251 " 

Abstracts of the Annual Statements of New York Marine Insurance 

Companies, (thirteen companies) 331 < < 

Abstracts of the Annual Statements of New York Life Insurance Com- 
panies, (eleven companies) 351 a 

Abstracts of the Annual Statements of Life Insurance Companies of 

other States, (six companies) 397 « 

Abstracts of the Annual Statements of Foreign Life Insurance Compa- 
nies, (six companies) 427 <( 



Page, 

viii 

xiv 

xvii 

xxi 

xxx 

xxxiii 

xxxviii 

xxxix 

xlvi 

xlviii 

Ixi 

lxv 

lxxi 
lxxvii 
lxxxi 

lxxxiii 



199 
250 
329 
349 
395 
426 
441 



SUPERINTENDENT'S REPORT. 



Insurance Department, ) 
Albany, March 1, 1862. \ 

To the Legislature of the State of New York: — 

The detailed and elaborate Report of last year from this 
Department, and its general distribution throughout the 
country, renders it unnecessary to present this year so full 
a statement of the condition and affairs of our various 
Insurance Companies. No lists of stocks or mortgages are 
contained in this Report except in cases of new companies 
admitted from other States, not heretofore published ; but 
specific and accurate stock and mortgage schedules have 
been returned by all the companies, for the year ending on 
the 31st day of December last, which are on file in this 
Department, and open for public reference and examination. 
The year 1861 will long be memorable in our National 
History as the era of the great Rebellion ; it could not be 
expected that in this sad and eventful year, when so many 
industrial and commercial interests have been injured or 
destroyed, that our Insurance Companies, which feel so 
sensibly the ebb and flow of national adversity and pros- 
perity, should escape the general calamity and prostration ; 
but it is a matter of surprise and congratulation that our 
companies have passed this trying ordeal without a single 
failure, with undiminished and even increased assets, and 
with unbounded hopes for the future. 



VI REPORT OF THE 

The victorious march of the Grand Armies of the Union has 
now commenced, and before another year shall have passed 
away the sacred banner of the Republic will float trium- 
phantly over every State Capital. The suppression of the 
Rebellion, which has again and again been declared impos- 
sible on both sides of the Atlantic, will soon be an accom- 
plished fact, and the theories of statesmen and diplomatists 
must be changed to accommodate the inexorable march of 
events towards the establishment of Freedom and the per- 
petuity of Republican institutions. The general prostra- 
tion of Southern Insurance Companies, and the elastic 
revival of business at the North consequent on the sup- 
pression of the Insurrection and the re-establishment of 
Peace, will soon cause new demands to be made, both in our 
own as well as in other States of the Union, for sound and 
reliable underwriting in all departments of Insurance. 

The golden era for unsound institutions in this country 
has now passed away, it is hoped never to return. Solid 
capital is now required for the business of Insurance, instead 
of unsound securities and fictitious faith. Under these cir- 
cumstances, a prudent sagacity and foresight plainly indi- 
cate the path of wisdom for our companies to be, in steadily 
and surely augmenting their business and assets. The 
public demand, and will have, integrity and ability in the 
transaction of the business of underwriting, and also 
increased strength and capital. No company should here- 
after jest content without improving each year its last 
year's assets and business. 

If repeated admonitions to this effect in our own country 
were not sufficient, the great fire in London, last June, 
which destroyed over seven millions of dollars worth of 
property, ought to admonish us that the cycle of great fires 



SUPERINTENDENT. Vll 

may soon reach us, and that nothing but spreading risks 
over different cities and States, and the accumulation of a 
large Capital or ample reserved funds, will save our com- 
panies from destruction, and the people from terrible loss 
under such an affliction. The recent fire in London is the 
largest which has visited that metropolis since the cele- 
brated Great Fire of 1666. The heavy losses of the various 
companies were mostly paid from the " Fire Reserve," 
without impairing their Capital to any serious extent. 

The true theory of Insurance, as established by the his- 
tory of the most successful companies, is to spread risks 
over a large field and to aggregate together enough business 
to obtain a nearly uniform average percentage of Losses to 
Premium Income from year to year. 

Our companies must either gradually and carefully extend 
their line of business, and increase their Capital and reserved 
funds, or allow the best portion of the Insurance business of 
the country to pass into other and abler hands, more capable 
of understanding and serving the wants and necessities of 
the American people. A company which so imperfectly 
comprehends its true mission, as to yearly impair even its 
sacred Capital, for the purpose of making a paltry dividend 
to stockholders, must change its course or it will soon 
become insolvent and useless to the community, and be 
lopped off as an unnecessary encumbrance to the body 
politic. The people are willing to pay fair and remunera- 
tive premiums, but they insist upon sound and reliable 
Indemnity. The unfair and reckless competition of irre- 
sponsible and unsound companies has for several years 
tended to unsettle and disproportion rates ; thus endanger- 
ing alike the insurer and the insured. There is however 
now, no good reason why our companies cannot become in 



Vlll BErORT OF THE 

Fire — as they already are in Marine and Life Insurance — 
among the best, if not the very best, in the world. 

New York Joint-Stock Fire Insurance Companies. 

But one Joint-Stock Fire Insurance Company has been 
organized in this State during the year 1861 ; the Farmers' 
Joint-Stock, of Meridian, Cayuga county ; with a Capital 
of $50,000.00. This company was established in place of 
the Farmers' Mutual, of Meridian, which was dissolved by 
the Supreme Court after an Examination by the Superin- 
tendent, as detailed in the last Insurance Report. It will 
be seen that this company has a considerable surplus on 
hand as the result of its first year's business, arising mainly 
from re-insuring the old risks of the. Mutual company. 

No addition has been made to the Capital Stock of any 
Joint- Stock Fire Insurance Company during the year. 

There are now ninety-five Joint-Stock Fire Insurance 
Companies incorporated by the State of New York, engaged 
in the transaction of business ; of these companies, four- 
teen only, received premiums during last year amounting to 
over one hundred thousand dollars; four only, received 
premiums above the sum of two hundred thousand dollars, 
and the premium income of one only, exceeded three hun- 
dred thousand dollars. The premium receipts of this Com- 
pany, the Home, with a capital of $1,000,000.00, were 
$829,903.33. The premium income of thirty of the smaller 
companies was $851,578.65 only, with capitals, however, 
amounting in the aggregate to the sum of $4,900,060.00. 

This state of things should be improved ; the premium 
income of the mass of our Fire Insurance Companies is by 
far too small for their capitals, and inadequate to the pro- 
per support of a separate and independent corporation. 



SUPERINTENDENT. IX 

The experience of the Home, Security, Continental, Man- 
hattan, Phenix, Lorillard and other companies has demon- 
strated that, with proper skill, tact and sagacity, business 
can be increased and managed to an indefinite extent, with 
entire safety and even additional security to the company. 
We have now the machinery and organization in working 
order, for nearly one hundred Joint- Stock Fire Insurance 
Companies. In the course of a few years, their business 
can be safely doubled and even quadrupled, without doub- 
ling or quadrupling the yearly expenses. Any consider- 
able expansion of business must of course be mainly effected 
through the instrumentality of reliable, safe and well man- 
aged agencies. The premium income of the Home, amounts 
to nearly one-eighth part that of the ninety-five companies 
combined, so that eight corporations like the Home, could 
conduct the entire business of all these companies. If each 
company transacted the same amount of business as the 
Home, the aggregate premium income would reach the enor- 
mous amount of over seventy-eight millions of dollars per 
year. Our companies are not too numerous for the great 
Future of this country, if managed on the progressive scale 
demanded by the spirit of the American people. 

The aggregate Capital of New York Joint-Stock Companies 
is $20,282,860.00; net Assets $23,568,054.76; premium 
Income $6,827,736.46, being $433,859.06 or 5.97 per cent 
less than last year. The Losses paid, amount to $3,771,- 
219.08, being $213,232.53 or 5.35 per cent less than during 
the year 1860. The Dividends paid are $357,301.29, less 
than in the preceding year ; an important and reliable in- 
timation, that the companies intend to declare dividends 
more carefully and considerately than heretofore. Anothei 
fact perhaps equally gratifying is that the amount of Lia 



X REPORT OF THE 

bilities unpaid December 31st, 1861, were $555,737.22 less 
than on the 31st of December, 1860. Even allowing for 
the depreciated market value of stocks and other securities, 
the Net Assets of our Joint-Stock Fire Insurance Companies 
have increased $401,298.61 during the year. 

The Capitals of several companies are however impaired 
a small percentage, as exhibited in the following list : — 

Name of Company. Location. Per cent. 

American Exchange Fire Insurance Company, _ .New York, 7.35 

People's Fire Insurance Company, do. 5.84 

East River Insurance Company, do. 4.73 

Hope Fire Insurance Company, do. 3.01 

Exchange Fire Insurance Company, do. 2.70 

Arctic Fire Insurance Company, do. 2.28 

Kings County Fire Insurance Company, Brooklyn, 39 

Indemnity Insurance Company, New York, .31 

It will be observed by Table No. II., that the amount of 
Fire and Inland Navigation risks written during the year 
1861, is nearly the same as in 1860 ; the rates of net cash 
premium received to risks written during these two years, 
are also contrasted in this Table. The average rate on 
Fire risks was .6392 for 1860, and .5999 for 1861. The 
rate of premium received by the old Albany, on a large line 
of risks, was nearly the same each year, being .7419 for 
1860, and .7415 for 1861. The average percentage of Losses 
paid to net cash premium received, was 54.87 in 1860, and 
55.23 in 1861, showing the wonderful regularity governing 
the Fires of the two years. The average percentage of 
Assets to risks in force in all the New York Joint-Stock 
Companies, was 3.099 on the 31st day of December, 1860, 
and 3.264 on the 31st day of December, 1861. The Super- 
intendent has combined in Tables Nos. I. and II., the Statis- 
tics of the last two years, so that a contrast is exhibited 
between them on inspection. Uninteresting as these figures 



SUPERINTENDENT. XI 

may appear, the philosophic and intelligent Underwriter 
will study them with the keenest perception and the live- 
liest interest. 

The Superintendent has not been compelled to make any 
special Examinations of the condition and affairs of any 
Joint-Stock Fire Insurance Company during the year. In 
the Second Volume of last year's Report is contained a 
minute description of all the Bonds and Mortgages owned 
by Fire Insurance Companies transacting business in this 
State ; but a Volume of this character will not soon, if ever 
again be required, as most of these Mortgages remain un- 
changed for many years. 

Accurate descriptions of existing Mortgages are however 
returned to this Department yearly, by all the Companies, 
which are bound in permanent volumes for preservation 
and future reference. These Bonds and Mortgages, mainly 
constituting the Capital of our Fire Insurance Companies, 
are therefore open to the inspection of every citizen, and if 
desired, personal examinations can be made of all Real 
Estate owned by, or mortgaged to, any of our companies. 

The Superintendent invites the most rigid examination 
into these mortgage securities on the part of Directors and 
Stockholders, as well as on the part of the Insured and the 
public generally. No unsound Mortgage should ever again 
be suffered to deceive and defraud the public for a single day. 

Instead of going through with a social examination of 
each Fire Insurance Company in this State, as was desired 
by many persons, the Superintendent concluded to publish 
the items of each company's Assets and Liabilities, which 
to a considerable extent answers the same purpose, with 
much less labor and expense, as was demonstrated by the 
only general examination of this character, ever had in this 



Xll REPORT OF 

State,, made under the direction of Comptroller Burrows 
during the summer of 1856, by the special Commissioners, 
Messrs. Wyckon. S :--;_- and Wheeler. 

It is due to our Companies to say. that since the publica- 
tion of the Second Volume of last year's Report, no single 
Mortgage contained therein has been shown to this Depart- 
ment to be fraudulent, defective ;r unsound. 

There is, undoubtedly, a small amount of Mortgages 
on unimproved lots and depreciated property, and some 
Real Estate of this character, owned by a few companies ; 
in these cases, the off: mid only perform an evident 

and imperious duty, by realizing in some way upon such 
assets, as soon as the present monetary pressure is over, 
and investing the proceeds in undou T I 1 perfectly safe 

and available securities. It will be the established policy 
bis Department, to insist on these changes in all practi- 
cable cases. The present -n considered inju- 
dicious for such action, in consequence of the general de- 
preciation of the value of Real Estate : but officers of com- 
panies cannot be too vigilant and careful in embracing 
all opportunities to sell such Real Estate, and to either 
strengthen or realize on Mortgages, where property is 

reciated, below the fifty per cent surplus margin 
value, i 1 by the statute. 

The recent Crisis has demonstrated the general soundness 
of Mortgage security, and even their- superiority, as an 
investment, over Bank and other Stocks, in critical times 
of financial distress and national calamity. 

I would suggest to the various companies the encourage- 
ment and extension of their loans on improved and culti- 

:ed farms in all parts of the State, as forming a sound 
and reliable real estate security, which can never be sub 



SUPERINTENDENT. Xlll 

to any depreciation of practical importance, where sufficient 
care is taken to secure a safe margin of valuation. Mort- 
gages in the Bank Department are taken for only two-fifths 
of the valuation, excluding buildings and all perishable 
improvements ; yet, the amount of such Mortgages on de- 
posit with the Superintendent, at the date of his last Report, 
was $5,386,802.00, covering mainly farming lands in various 
sections of the State. 

In the matter of the application, by the Attorney General 
to the Supreme Court, for a dissolution of the "World's 
Safe" Insurance Company of Troy, a decision was rendered 
by the General Term of the third Judicial District at the 
last December Term ; by which the Court ordered the cor- 
poration to be dissolved, and a Receiver appointed. The 
prevailing opinion of Mr. Justice Peckham concludes as 
follows : — " If the requirements of the law are not to be 
regarded as a farce, this company should be dissolved, 
because of the insufficiency of its assets, and because the 
interests of the public so require." 

Justice Hogeboom, who, on the report of the Referee, 
George Yan Santvoord, Esq., of Troy, denied at Special 
Term the application of the Attorney General, concurred 
with Justice Peckham in his very able and lucid exposition 
of the case, given in the prevailing opinion at General Term. 
All sound Insurance companies in the State, and the whole 
body of the people interested in reliable and stable Insu- 
rance, will commend and sustain this creditable judicial 
construction of the general statute for the organization of 
Insurance corporations. A copy of the Opinion will be 
found in the Appendix, and also the dissenting opinion of 
Mr. Justice Gould in favor of the company. The extra- 
ordinary efforts used to sustain this organization have thus 



XIV REPORT OF THE 

far signally failed. An Appeal however has been taken to 
the court of dernier resort, the Court of Appeals, and the 
case was argued in this highest Judicial tribunal of the 
State at the last January Term. A decision is expected 
at the present March Term, which will, it is hoped, forever 
settle the policy of the State of New York on this subject, 
by sustaining in the main, the sound and judicious principles 
enunciated by the majority of the full bench of the Supreme 
Court. 

An Abstract of the Annual Statement of the "World's 
Safe" will be found in the Appendix. 

New York Mutual Fire Insurance Companies. 

It will be seen by a copy of the resolutions of the 
Board of Directors of the Chautauqua County Mutual In- 
surance Company appended to the Abstract of the Annual 
Statement of the Company, that said corporation has re- 
solved to discontinue business and close up its affairs with- 
out the intervention of a Receiver. 

The Northern New York Mutual, has also nearly discon- 
tinued business, and has taken the initiatory steps towards 
the organization of a Stock Company with $50,000.00 
Capital. Commissioners were appointed to examine the 
Capital and Assets for the purpose of organization, on the 
10th day of July last, but no Report has yet been made by 
them to this Department. 

The Directors of the New York & Erie Insurance Com- 
pany, at Middletown, have resolved to discontinue business, 
and the company did not receive any new premium notes 
or cash premiums during last year ; the outstanding risks 
will soon expire, and now amount to only $15,000.00. 

The result of the experiment of transforming a Mutual, 



SUPERINTENDENT. XV 

into a Joint- Stock Company, in^the case of the Farmers, of 
Meridian, is as highly satisfactory to the Superintendent as 
was anticipated in his special Report, published last year ; 
indeed, the true interests of the public, and of the com- 
panies also, would be greatly enhanced by changing several 
of our Mutual into Joint-Stock Companies, and I beg leave 
respectfully to recommend an amendment of the present 
law in this respect, in order to facilitate such changes in all 
proper cases under the general supervision and control of 
the Superintendent. 

Successful Mutual Companies have in several instances 
accumulated a considerable surplus of Cash Assets, which 
in this State are not distributed by way of dividends to the 
insured, and the apportionment of which, among the mem- 
bers on equitable and legal principles, in case of winding 
up business, is a very difficult and unsatisfactory proceeding. 
This small cash surplus, with the established business, skill, 
and experience of an old Mutual company, forms an advan- 
tageous foundation, on which to build a solid and successful 
Joint-Stock Company, with a cash Capital subscribed 
and paid in by the stockholders. Members of the old 
Mutual company should be entitled to a reasonable prece- 
dence, on opening the books of subscription to the capital 
stock, thus amply and fully protecting them in their 
inchoate but equitable rights to the surplus of the old 
company. 

The large decrease in the business and numbers of 
Mutual Fire Insurance Companies in this State, for several 
years, must be accepted as an emphatic popular verdict 
against them, as they have hitherto been generally con- 
ducted, especially under the law of 1849. 

The few Mutual Fire Insurance Companies now remain- 



XVI REPORT OF THE 



ing, can if they choose, and. the people require Insurance 
on the Mutual principleV'exteficl their business with safety 
and advantage, all over the State, and by thus enlarging 
their field of operations, fortify and strengthen themselves 
by a vast increase of business and Assets. 

The success of the Dutchess County Mutual, is a striking 
example of the extent to which the business of Mutual Fire 
Insurance may still be prosecuted in this State. This Com- 
pany holds nearly a million and a half of dollars in pre- 
mium notes, being over one-third of the amount held by 
all the Mutual companies in the State. With such a solid 
and substantial basis for an assessment, if it ever becomes 
necessary, the percentage to each member must be so com- 
paratively small, that it would be cheerfully and promptly 
paid. A large assessment, however, exhibits the weakest 
point of a Mutual Insurance Company, and it is gen- 
rally uncollectable, except by such a sacrifice of time 
and expense as to almost destroy any advantage from the 
assessment. On the whole, it is a matter of congratulation 
that we have so few Mutual Companies left out of the large 
number organized since 1849. Those which do remain 
should make strong efforts to increase their business and 
enlarge their field of operations, as by this course only, the 
road to any real and substantial success, can be certainly 
opened. 

The condition of our Mutual Fire Insurance Companies 
has improved over last year, as to the amount of cash Assets 
on hand, by the sum of $36,890.68, and the amount of 
unpaid Losses and other claims is $7,911.95 less, than at the 
close of the previous year. 

By reference to Statistical Table No. Ill, other facts 
concerning this class of companies may be found, and their 



SUPERINTENDENT. XV11 

relation, also, as compare<^with the figures of the pre- 
ceding year. ^1^^ 

Fire and Fire-Marine Insurance Companies of other States. 

Two new Fire Insurance Companies from other States 
the Home, of New Haven, Connecticut, and the National, of 
Boston, Massachusetts, have been admitted to transact busi- 
ness in this State since my last RejDort. The Assets of these 
companies have been personally examined by the Superin- 
tendent and Deputy, at the home offices of the said compa- 
nies respectively, and found to be satisfactory, and sufficient 
to entitle them to admission under our Statute, to transact 
business in this State. 

The Home, of New Haven, is the only company out of 
the city of New York which has adopted the so-called 
Participation plan of transacting business. It will be 
recollected that the Home, formerly transacted the busi- 
ness of Marine Insurance, and having been incorporated 
since the passage of the act of 1853, which did not allow 
our own companies to combine Fire and Marine risks, 
the Superintendent declined to authorize the company 
to transact Fire business in this State. In order to test 
the legality of this decision, an agreed Case under the 
Code was drawn up and settled by the Counsel of the Com- 
pany and the Attorney General, but this Case was never 
submitted to the Court. After an experience of two years 
in the business of Marine, combined with Fire Insurance, 
the company very wisely came to the conclusion to entire- 
ly abandon Marine underwriting, and confine its business 
exclusively to Fire risks. 

The following Companies have failed to report to this 
Department for the current year : — 

2 



Xviii REPORT OF THE 

New England Fire and Marinejns. Co Hartford, Conn. 

Franklin Insurance Comp^flB ©--- Boston, Mass. 

Reliance Mutual Insurance Company Philadelphia, Penn. 

Commonwealth Insurance Company Philadelphia, Penn. 

Certificates of Authority have not, therefore, been issued 
to their agents in this State, and from and after the 31st 
day of January last, the agents of said companies are liable 
to the penalties provided by Statute, for issuing any policy 
in this State, or in any other way or manner aiding in the 
transaction of the business of Insurance for said companies 
in the State of New York. Any attempted evasion of the 
Statute, by agents under the pretence that policies are 
ordered by the insured themselves, 'directly from the home 
offices of excluded companies, is as dishonorable as it is 
illegal, and will not shield them from the penalties pre- 
scribed by the act. 

The Agents of the following Fire Insurance Companies 
of sister States have been authorized to transact the busi- 
ness of Fire Insurance in this State during the current year : 

Connecticut. 

Date of Location. No. of 

Incorporation. Agents. 

1803 Norwich Fire Insurance Company Norwich 31 

1810 Hartford Fire Insurance Company Hartford 81 

1819 ^Etna Insurance Company Hartford 76 

1847 City Fire Insurance Company __ Hartford 46 

1850 City Fire Insurance Company New Haven.. 28 

1850 Connecticut Fire Insurance Company Hartford 1.2 

1854 Phoenix Insurance Company Hartford 69 

1857 North American Fire Insurance Company Hartford 58 

1857 Merchants' Fire Insurance Company Hartford — 26 

1857 Home Insurance Company New Haven.. 32 

1859 Thames Insurance Company Norwich 38 

497 



superintendent. xix 
Mass achuse tts. 

Date of ^fl fefca| Location. No. of 

Incorporation. ^^i^^^^ Agents. 

1816 Merchants' Insurance Company Boston 1 

1818 American Insurance Company Boston 1 

1822 Manufacturers' Insurance Company Boston 2 

1825 National Insurance Company Boston 1 

1849 Eliot Fire Insurance Company Boston 1 

1849 Springfield Fire and Marine Ins. Company Springfield _ _ 37 

1851 North American Fire Insurance Company Boston 1 

1851 Hampden Fire Insurance Company Springfield.. 12 

1852 Western Massachusetts Ins. Company.. Pittsfield 33 

1857 Massasoit Insurance Company Springfield.. 44 



133 



Pennsylvania. 



1791 President and Directors of the Insurance 

Company of North America Philadelphia. 2 

1810 American Insurance Company Philadelphia. 1 

1825 Franklin Insurance Company Philadelphia. 2 

1835 Delaware Mutual Safety Ins. Company.. Philadelphia. 1 



Rhode Island. 

1799 Providence Washington Ins. Company.. Providence.. 10 

1831 American Insurance Company. ._ Providence.. 5 

1851 Merchants' Insurance Company Providence.. 5 

1852 Atlantic Fire and Marine Ins. Company. Providence.. 14 
1859 Hope Insurance Company Providence.. 7 

41 

New Jersey. 
1847 Jersey City Insurance Company.. Jersey City.. 4 

The State Fire Insurance Company of New Haven, Con- 
necticut, failed during last summer, and the developments 
already made public, indicate that it was an unsound and 
fraudulent organization. Certificates of Authority were not 
issued to the agents of this company by the Department, 
for the year 1861 ; the loss, therefore, by New York policy 






XX REPORT OF THE 

holders, if anything, will h^mall, as the policies in this 
State must have niostr^WHmiated by lapse of time. In 
the Appendix will be found the comments of the able and 
devoted Insurance Commissioners of the Commonwealth 
of Massachusetts, on the failure of the State Fire Insurance 
Company. 

The Hamilton Mutual Insurance Company of Salem, 
-achusetts, failed also during the past year. Imme- 
diately on the organization of this Department, the Super- 
intendent declined to renew Certificates of Authority to 
the New York agents of this company, although stren- 
uous, powerful and persistent efforts were made on behalf 
of the company for this purpose, by the President and 
ral eminent counsel in this State. The Report of the 
Massachusetts Commissioners, which will be found in the 
Appendix, indicates that the company was not entitled 
to public confidence. The losses in this State from the 
failure must be confined almost entirely to the litigated 
cases, of which the company had several, in the various 
Courts. 

The Charter Oak Fire and Marine Insurance Company 
filed a Statement in this Department, on the 25th day of 
January, 1862, upon which an application was made for the 
privilege of transacting business in this State. An analysis 
and examination of this Statement exhibited the fact that 
the Capital of the Company was impaired twenty percent, 
Certificates of Authority could not therefore, be pro- 
perly issued to agents in this State. The letter of the 
Superintendent to the President of the Company, and his 
reply thereto, will be found in the Appendix. By the 
recent Eeport of the Charter Oak, to the Massachusetts 
Insurance Commissioners, a deficit is shown amounting to 



SUPERINTENDENT. XXI 

$63,902.00, which is more than twenty percent of its 
Capital. mt ' ' 

It will be noticed that the Capitals of the following Com- 
panies from other States are impaired, but not to the extent 
of twenty per cent, thereof: — 

Name of Company. Location. Per cent. 

North American Fire Insurance Co., Hartford, Conn..'. 17.35 

Western Massachusetts Insurance Co., _ Pittsfield, Mass 16.77 

Phoenix Insurance Company, Hartford, Conn 14.44 

Norwich Fire Insurance Company, Norwich, Conn 13.97 

Home Insurance Company, Hew Haven, Conn. 12.26 

City Fire Insurance Company, Hartford, Conn 9.34 

Merchant's Insurance Company, Hartford, Conn. _ _ 7.94 

Hampden Fire Insurance Company, Springfield, Mass. _ 2.70 

Connecticut Fire Insurance Company,. Hartford, Conn 2.46 

The amount of premiums received by Fire Insurance 
Companies of sister States, in the State of New York, 
during the year, is the sum of $1,058,151.89 ; the amount 
of losses paid $819,709.07. These amounts do not, how- 
ever, include the premiums received and losses paid by the 
four companies from other States, above referred to, as 
having failed to report to this Department for the year 
1861. 

Statistical Tables Nos. Y. and YI. give other interesting 
and important information as to the standing and progress 
of these companies. 

Foreign Fire Insurance Companies. 

It will be recollected that in the Report of last year it was 
stated that the Annual Statement of the Unity Fire In- 
surance Association, of London, England, was defective in 
several particulars, and that new blanks had been forwarded 
to the home office for the purpose of having an amended 
Statement prepared and returned to this Department. The 



XX11 REPORT OF THE 

amended Statement was not received from London until 
the 29th day of March, 1861, being too late for insertion in 
the last Report. 

Certificates of Authority were not issued to the Agents 
of this company during last year, for the reasons set forth 
in my letters to the New York Manager, dated February 
12th and April 18th, 1861, copies of which are contained 
in the Appendix ; where will also be found the elaborate 
argument of the learned counsel of the company, submitted 
to the Superintendent last September, and also the able 
letter of the talented and energetic General Manager, 
accompanying the Statement of the Association for last 
year. These documents are submitted with my Re- 
port, in order to give the Company the full advantage of 
the best arguments which legal acumen and business tact 
and sagacity have been able to produce in the Company's 
behalf. The Annual Statement of the Association for the 
year ending June 30th, 1861, was filed in this Office on the 
17th day of February, 1862, and will also be found in the 
Appendix. 

On a careful review of the positions taken in my letter 
of the 18th day of April ult., I am constrained to adhere 
substantially to the views therein set forth. There are un- 
doubtedly some plausible reasons for the claim so skillfully 
interposed, that the word Capital, as used in the twenty- 
third section of the general Fire Insurance Act (Chap. 466, 
Laws of 1853), should be construed to mean the subscribed, 
instead of the paid up Capital when applied to an English 
Company. These reasons are presented in a very able and 
forcible manner, by both the Manager and Counsel of the 
Association. In respect to the personal liability of Stock- 
holders, the general Act of Parliament, relating to Joint- 



SUPERINTENDENT. XX111 

Stock Companies, passed September 5, 1844, (7 and 8 Vict., 
pap. 110), differs in some important particulars from our gen- 
eral Fire Insurance Act (Chap. 466, Laws of 1853). The 
Shareholders of a Joint- Stock Company, completely regis- 
tered under the English Act, constitute a quasi partnership 
as well as corporation ; but the extent of their personal lia- 
bility is so limited and confined by the long and elaborate 
Deeds of Settlement, and carefully worded special contracts 
of such organizations, that their real and actual liability does 
not generally extend far, if at all, beyond the payment of 
such Calls on the unpaid subscribed Capital, as may from 
time to time be duly made by the Board of Directors. 

In the case of the Unity, now urider consideration, the 
Deed of Settlement in the eighty-third clause, provides : 

" That the Board of Directors shall cause to be inserted in 
every policy issued by the Company, or to be endorsed thereon 
respectively, a Declaration that the Capital Stock and funds of 
the Company shall alone be liable to answer and make good all 
claims in respect of any such policy, and that no Director or 
Proprietor of the Company, shall, in any manner be personally 
liable or subject to any such claims or demands, or be in anywise 
charged by reason of such policy, beyond the amount of his or her 
share or shares of such Capital Stock or funds." 

In accordance with this injunction and requirement of 
the Deed of Settlement, the Policies of the company 
contain the following provision : 

" Provided always, that no Director of the Association, by 
whom this Policy is executed, nor any other proprietor of the 
Association, shall be responsible for the payment of, or contribu- 
tion towards the amount assured by this Polic}? - , or liable to any 
demand against the Association on any pretence whatever, beyond 
the amount of the unpaid part, for the time being, of his or her 
share or shares in the subscribed Capital of the Association." 

It would be somewhat ungracious, and very futile, for 
an American policy holder, after making this bargain with 



XXIV REPORT OF THE 

the company, to advance any claim on an English Share- 
holder for Losses on his Policy, beyond the amount of sub- 
scribed stock held by such Shareholder. 

It is further provided by the Deed of Settlement, that 
the Shareholders may, under certain rules and regulations 
(without the consent of the insured), sell and dispose of 
their stock, thus relieving themselves from all liability to 
further Calls upon the subscribed Capital, in accordance with 
the 114th clause, which provides that : — 

"Any proprietor who shall have disposed of all his shares in 
the Capital of the Company, under the regulations hereinbefore 
contained, shall be deemed to have Seceded and to have severed 
himself from the Company to all intents and purposes, and shall 
thenceforth be considered no longer a partner or member of the 
Company." 

Again, the Deed of Settlement itself, for the practical 
purposes of bonuses and dividends to the proprietors, treats 
the Capital-of the company as being the " Capital actually 
subscribed and paid up." (Clauses 117, 118 and 119). 

The Report of the Directors, and Annual Balance Sheets 
for the year ending December 31st, 1859, also do not claim 
the unpaid subscribed Capital as constituting an Asset of 
the Association, the aggregate Assets footing up at the sum 
of only £91,565 9s. 7d. 

As, is claimed by the learned counsel for the Company, 
unpaid subscribed capital is analogous to the premium and 
stock notes given by the members of a Mutual Fire Insu- 
rance Company, and if the Unity were a Mutual Company, 
desiring to transact business in this State, promissory notes 
would constitute "actual " Assets and legal Capital for such 
a company ; but Joint-Stock Companies with Cash Capitals 
are governed by other principles, and it does not follow 



SUPERINTENDENT. XXV 

that Assets which would furnish actual and legal Capital 
for a Mutual, are sufficient for a Joint-Stock Company. 

One of the principal causes of weakness in relying on 
unpaid subscribed capital is, that when most wanted, there 
is the greatest difficulty in realizing it, by a Call upon the 
Shareholders. If the Stock of a Company is at or above 
par, paying large dividends, and its affairs are in a prosper- 
ous condition, a large assessment may be collected from the 
Proprietors with much more certainty than when the stock is 
below par, paying no dividends, and the Company is heavily 
indebted, and the Shareholders fearful and doubtful of the 
future. This is in part, the precise dilemma of the Unity; 
large sums of money are needed for the payment of the 
heavy losses at Valparaiso, and other claims ; and still a 
shrewd and energetic Manager postpones payment and 
fails to make a Call on the Shareholders for a sum suffi- 
cient to cancel all the outstanding claims, and to leave in 
hand a reasonable cash capital, sufficient to afford the pub- 
lic an adequate guaranty for carrying on the heavy and 
increasing business of the Association. The most conclu- 
sive evidence that the company can now give of the reli- 
ability of unpaid subscribed Capital, as constituting Actual 
Assets, is that which the Association fails to furnish, viz : 
the drawing upon it successfully for the full payment of all 
the indebtedness of the Company ; instead of depending 
upon the anticipated profits of future years, which, possi- 
bly, may never be realized. 

The Superintendent cannot hold that unpaid subscribed 
capital constitutes the " actual capital .'required of similar 
companies" under the provisions of the 23d section of the 
Fire Insurance Act of 1853, relating to foreign Fire Insur- 
ance Companies. Claims on the Shareholders do not acquire 



XXVI REPORT OF THE 

the character of actual and real capital until paid up and pos- 
sessed by the Association in substantial and solid assets. A 
chose in action is not a chose in possession ; law suits against 
thousands of Shareholders constitute a very poor currency 
with which to pay losses. It is stated in a recent annual 
report of one of the leading English Fire and Life Insurance 
Companies, that, — 

"No new Fire Insurance Company hereafter to be established 
will meet with even partial encouragement, if it have not a full 
sufficiency, not of subscribed but of paid up Capital." 

The policy of this State is, that the entire capital of our 
own companies shall be paid up immediately, and before 
the organization of a company. The State of New York 
has no power to control the organization or investments of 
Insurance Companies of sister States or foreign countries ; 
but she has the right, without any breach of comity or duty, 
to protect her own citizens, and to reject or admit compa- 
nies on principles precisely analogous to those governing 
the organization and regulation of her own companies. 
Neither is the Act of Parliament, referred to by the learned 
counsel for the Unity, any more in force in this State than 
our general Act is, in England. 

The special deposit of $150,000 required of foreign com- 
panies is not in lieu of the other provisions of the twenty- 
third section governing Companies not incorporated by the 
laws of this State ; but it is an additional requisition made on 
them in consequence of their foreign character and the diffi- 
culty of reaching their home assets. This deposit may, or 
may not, be sufficient for the protection of American policy 
holders. One English company received during the last 
year over half a million of dollars of premiums in this 
country. In such cases the deposit is inadequate to protect 



SUPERINTENDENT. XXV11 

American policies, even without extraordinary losses. In 
the case of the Unity, however, the deposit of $150,000.00 
in the hands of the Trustees of the Association in New York 
is probably sufficient for the full protection of American 
policy holders. 

With the present management of the Unity, the Depart- 
ment cannot complain ; but, on the contrary, there is much 
to commend. Careful and unreserved Statements of its true 
condition, bearing, perhaps, too unfavorably against the 
company in the estimate for re-insurance, have been made 
unhesitatingly, by the present Manager whenever required, 
and the extension and successful establishment of its 
business in so many quarters of the globe, evince a 
commendable energy, and show great public confidence in 
the integrity and ability with which its affairs are now con- 
ducted. But, according to the recent Statement filed in 
this Department, the Net Assets of the Association, ex- 
cluding subscribed Capital unpaid, amount to only .£11,416- 
6s. 4d., or $55,254.96 ; or, if re-insurance is charged at fifty 
per cent instead of eighty-five, as estimated by the officers, 
the Net Assets reach £26,110 12s. 10d., or $126,375.48 
only — a sum which, under our Statute, is insufficient to allow 
a Company from a Sister State or Foreign Government to 
transact business in the City of New York. Under these 
circumstances, the Superintendent feels compelled to rule 
that the Capital of the Unity Fire Insurance Association is 
impaired twenty per cent, and that the Company cannot, 
therefore, be allowed to transact business in this State 
whilst such deficiency shall continue. This decision is in 
entire harmony with other rulings made by the Superin- 
tendent, as to the Stock notes and unpaid Capital of several 
Fire Insurance Companies of Sister States. 



XXV111 REPORT OF THE 

The Superintendent begs leave respectfully again to direct 
your attention to the relations of the Liverpool and London 
Fire and Life Insurance Compairy with the Department and 
the People of this State. Reference is made to my First 
Annual Report for a detail of the circumstances under which 
this Association has been for several years engaged in the 
transaction of business in this State, without making Annual 
Statements or procuring the usual Certificates of Authority 
from the Comptroller or Superintendent. This state of 
affairs should not be permitted to exist any longer. This 
Association should be placed upon the same footing with 
other foreign corporations duly and regularly incorporated. 
Notwithstanding its anomalous condition in relation to the 
other insurance interests of the State, it will be seen from 
the Annual Statement of the United States Branch, to be 
found in the Appendix, that this company has received 
over half a million of dollars during the year for Fire Pre- 
miums in this country, being more than the amount received 
by any of our own companies, except one — the Home, of 
the City of New York. This result has been accomplished 
by great energy and activity in pushing business, writing 
heavy single risks at low rates, liberality in the payment 
of losses, and the general publication of the claim that the 
Directors in New York are personally responsible for losses, 
and the establishment of influential Boards of guinea Direc- 
tors in several of the large cities of the Union. 

The present law requires a deposit by a Foreign Insu- 
rance Company of securities amounting to One Hundred 
and Fifty Thousand Dollars in the hands of Trustees in this 
country, in order to enable such Company to procure Cer- 
tificates of Authority for the transaction of the business of 
Fire Insurance in this State. It is submitted to the judg- 



SUPERINTENDENT. XXIX 

ment and discretion of the Legislature, whether this deposit 
instead of remaining in the hands of Trustees selected by 
the Company, should not be lodged in this Department in 
the same manner as is now required of Life Insurance Com- 
panies. 

The recent imminent danger of a war with the only 
foreign country from which Companies have as yet been 
admitted into this State, has 'led to the consideration of the 
condition of American policj^ holders, and their legal 
remedies for the collection of losses, if a war should ever, 
unhappily for both countries, occur between these two 
nations. It is an established principle of the English Com- 
mon Law, that all Insurances of the property of an alien 
enemy are illegal and void, and also repugnant to every 
principle of public policy. Eeturn premium even, will not 
be paid, whether the policy is effected before or after 
the commencement of hostilities, except in the single case 
of an Insurance obtained in England through an innocent 
agent, unaware of hostilities at the time he procures the 
policy, on the ground that the money is paid under a mis- 
take of fact. All British Policies of Insurance must be 
understood not to extend so far as to cover any loss hap- 
pening during the existence of hostilities between the respec- 
tive countries of the insured and the underwriters. Policies 
effected before the commencement of hostilities are legal 
in their inception, although claims for losses happening 
before the war, are suspended during the existence of hos- 
tilities, but revive on the restoration of peace. 

The Royal. Insurance Company however, has announced 
that in case of war, the Company would pay " all legitimate 
claims for loss by Fire, which residents in the United States 
may have to make on this Company;" this offer is undoubt- 



REPORT OF THE 

edly made in good faith, but such payment would however 
only be voluntary, and could not be enforced in the English 
Courts. 

It is extremely difficult for foreign companies to make 
and file Annual Statements of all their business and affairs 
in this Department, during the months of January or Feb- 
ruary, made up to the end of the calendar year preceding, 
and it is recommended that such Statements be required 
only for the year ending on the preceding thirtieth day of 
June, thus giving these corporations full and ample time for 
making specific and accurate Annual Reports to the Insur- 
ance Department. 

The amount of premiums received by foreign Fire Insu- 
rance Companies in the State of New York during the 
year, is $278,843.69 ; the amount of losses paid, is $124,- 
143.58. 

New York Marine Insurance Companies. 
The want of uniformity in the Annual Statements of 
Marine Companies, and the various dates of termination 
of the years for which the reports are made, are obvious 
and important defects in the Insurance system of this State, 
so far as these organizations are concerned. The returns 
of all these companies should be of a uniform character, 
and made out for the year ending on the 31st day of Decem- 
ber, which is the date of the Annual Statements of Fire and 
Life Insurance Companies. I beg leave to repeat the recom- 
mendation presented for your consideration last year on this 
subject- 
It is to be hoped that the establishment and judicious 
management of the Shipmasters' Association, recently 
organized under favorable auspices in the city of New 



SUPERINTENDENT. XXXI 

York, may, in the course of a few years, tend to prevent 
the immense losses to which our extensive mercantile 
marine is yearly subjected. It is a national reproach that 
many of our vessels are so recklessly and unskillfully man- 
aged that they cannot be insured in Europe at the usual 
rates. Instead of simply raising rates of premium, our 
Marine Underwriters and merchants should investigate and 
study the causes of our frequent wrecks, and when the true 
and real cause is discovered, energetically apply a suitable 
and efficient remedy. 

The immense interests involved in Marine Insurance 
require in some manner the intelligent collection and 
arrangement of all facts and statistics bearing on the busi- 
ness. Life Insurance is not the only department in which 
statistical information and collections of apparently unin- 
teresting facts and figures are useful and necessary. 
Our Marine Insurance Statistics are now less perfect 
than those furnished by Boston and Philadelphia, although 
one New York Company alone, the Atlantic, receives 
annual premiums almost equal to those received by all the 
Boston and Philadelphia Companies combined. 

The many capacious harbors on our Atlantic and Pacific 
shore, our unequalled and extensive coasts of thousands of 
miles of the temperate zone, our increasing commerce with 
Europe and (on the completion of the Pacific Railroad) 
with Asia and the East Indies ; our invention of iron-clad 
batteries rendering an immense navy comparatively use- 
less ; the irrepressible energy and expansive commercial 
tastes of the people ; our peerless inland seas and wonder- 
ful system of internal river navigation ; — all combine to 
make the American people in the future, if not the first, at 
least one of the chief maritime and commercial Nations of 



XXX11 REPORT OF THE 

the Earth. It is of the utmost importance, therefore, that 
our system of Marine Insurance should become fixed on 
a basis not only solid and permanent enough for present 
exigencies, but for the demands and necessities of the future. 

An authoritative system of Shipping and Insurance laws, 
to be called the American Maritime Code, should also be har- 
monized and perfected as soon as practicable, combining 
the results of the wisdom and experience of mediaeval Sea 
Laws, and of the modern Maritime Codes of Europe, adapted 
and adjusted to the changed circumstances and varied wants 
and necessities of the American people. 

The disorders and complications resulting from the in- 
surrection of several States of the Union during the last 
year, have necessarily affected to a considerable extent the 
business of our Marine Companies ; but an examination of 
their Statements will show that the well established repu- 
tation of our Marine Underwriters is enhanced by their 
successful transit over this ever memorable year. With the 
single exception of the Anchor, (which was examined by the 
Superintendent before the date of the last Report.) no fail- 
ure has occurred among these companies. The percentage 
of Losses to Premiums is, however, considerably higher 
than for the previous year. 

Certificates of Authority have been issued to the Presi- 
dent, Directors and Company of the Insurance Company 
of Xorth America, and to the Delaware Mutual Safety Insu- 
rance Company, both of Philadelphia, authorizing their 
Agents to transact the business of Marine Insurance in this 
State. 

Xo other companies from Sister States are authorized to 
write Marine risks through the aid in any manner of agen- 
cies in this State ; and all agents offending against this 



SUPERINTENDENT. XXX111 

> 

regulation violate the Statute and are subject to the penal- 
ties prescribed by the laws of this State for such offences. 

The usual Marine Table, No. VI, will be found in its 
proper order. The amount of annual premiums received 
by the thirteen Marine Companies in this State is about 
double the sum received by the one hundred and twenty 
Joint-Stock and Mutual Fire Insurance Companies. 

The Superintendent is under obligations to I. H. Upton, 
Esq., of New York city, for kindly furnishing Tables Nos. 
VII. and VIII., relating to Marine Insurance Companies, 
which contain statistics not furnished by their Annual 
Statements to this Department. 

New York Liee Insurance Companies. 

By the organization of the Security Life Insurance and 
Annuity Company, which was incorporated by this Depart- 
ment under the provisions of the general Life Insurance 
Act on the 18th day of January, 1862, the number of Life 
Insurance Companies of this State was increased to twelve, 
being the largest number in any State of the Union. 

It is very important that the control and direction of 
these companies should fall into hands which appreciate 
the nature and feel the sacred obligations of the high duties 
imposed upon them. No Life Insurance Company, managed 
for merely speculative and money-making purposes, can 
ever achieve a high and noble success. 

Among the institutions of our modern civilization, Life 
Insurance is the only feasible scheme yet devised by 
which the premature and sudden death of the head of a 
dependant family can be mitigated for the helpless wife 
and children, deprived of other means of support. A sum 
about equal to the net earnings of the usual life-time of an 

3 



XXXIV REPORT OF THE 

ordinary man can thus be certainly realized for an unfortu- 
nate family, although death may happen at an early age, or 
in middle life. This sum is made up by the contributions 
of those happily so favored as to be blessed by long life, 
and thus we " bear each other's burdens " in the true spirit of 
Christian brotherhood. 

The foundations have already been laid broad and deep 
in this State, for several of the best and safest Life Insur- 
ance Companies in the world ; and one grand edifice — the 
Mutual Life — has already become so solid and substantial 
as to attract general admiration, both here and in Europe. 
This Company is but an example of what others may become 
by devoted, energetic and vigorous management, guided by 
the same high principles of justice and humanity. Many 
of our new companies may experience difficulties and 
embarrassments in establishing their business, but patience, 
skill and energy, and the maintenance of a high and correct 
standard of action, will in a few years place all these com- 
panies on a firm and living foundation, with such an extent 
of business and enlarged field of operations as to guaranty 
a steady income with only the expected average mortality 
among their policy-holders. 

Influenced by a commendable anxiety and ambition to 
secure a number of Policies sufficiently large to allow the 
well established laws of average Mortality to operate, one 
of our new companies has received too large a proportion of 
premiums in notes of the insured on the credit system. 
These notes do not constitute cash assets, available for the 
general purposes of a company ; they are practically mere 
offsets against the liability of a company on the specific 
policy upon which the notes are given in part payment of 
premium. The credit premium should not ordinarily exceed 



SUPERINTENDENT. XXXV 

the sum which a company may reasonably hope to return to 
the policy-holder in some form, by way of a dividend on his 
Policy. If note premiums are received for a sum exceeding 
this amount, it can readily be perceived that a company is, or 
will be sooner or later, in such a condition that Liabilities 
payable in cash will mature, for which premiums payable 
on credit have been received, and that, therefore, if the 
promissory notes cannot be collected otherwise than by 
way of offset, the embarrassment, if not insolvency of the 
company, must ultimately be as certain as Death, and the 
coming of future years. No greater proportion of premium 
than fifty per cent should ever be accepted, payable in notes 
or on credit ; and when a company has received about two 
thousand Life Policies^ if not before, it should considerably 
increase the percentage of cash, or require the whole pre- 
mium to be paid in cash. By the half credit system the 
paid up Capital is hazarded for a few years ; but that is a 
matter for the stockholders, and is only answering the legi- 
timate purposes for which Capital is required and designed. 
This Department has now on its files the most definite 
and accurate data of the Liabilities, Assets and condition 
of Life Insurance corporations to be found in the archives 
of any State in the Union, or of any other country. 
All the items constituting the Assets of our Companies, 
embracing detailed lists of Bonds and Mortgages, are re- 
turned; and also the number, date, age, amount insured, 
annual premium and other data of every policy issued 
during each year, and those which have ceased to be in 
force, with the mode of their termination, and, if by death, 
the cause thereof. A bound Volume has been provided for 
each company, embracing the data of all its policies in 
force, which is designated as the " Registry and Valuation 



XXXVI KEP0RT OF THE 

of Policies " of such company. The basis for either net 
or gross valuations is, therefore, now in the possession of 
the Department, and calculations can be made annually, 
triennially, quinquennially or otherwise, as may from time to 
time be deemed expedient under the existing circumstances. 
2s o valuations of Policies have yet been made, except in the 
the cases of two companies, now under Examination by the 
Superintendent. 

There are now 25,536 Life, Term and Endowment 
policies* in force issued by New York Life Insurance 
Companies, insuring the sum of $S6, 134,147.29. The six 
companies from Sister States, (American Mutual excepted) 
authorized to transact business in New York, have 26,713 
such policies in force, insuring the sum of §74,-416,305.15. 

Returns have not yet been made by Foreign Companies, 
showing the number of policies issued by these corpora 
tions, which are in force at the present time in this State 
and country. 

Life Assurance, like all other human systems, is not yet 
perfect. Greater freedom of travel, without extra premium, 
will undoubtedly soon be demanded by the insured and 
yielded by the companies ; policies might perhaps be safely 
made indisputable after the lapse of a certain number of 
years; some just scheme might be devised by which the 
disadvantages to the companies and the insured, resulting 
from Lapsed Policies, could be obviated. Great caution and 
prudence should undoubtedly be exercised in altering the 
ancient landmarks, or in making any changes in the pres- 
ent system ; but all modifications sanctioned by actuarial 
skill and business experience, adjusting its relations more 

* This number does not inelude the Policies of the "United States Life, as this Companj has 
not yet returned the number of the same to the Department. 



SUPERINTENDENT. XXXV11 

in harmony with the public wants and necessities, or obvi- 
ating any existing plausible objections, should be unhesi- 
tatingly adopted by all our companies. 

By the fourth section of the Life Insurance Act of 1853 
it was made the duty of the Comptroller to record in a Book 
to be kept for that purpose, the Charters and certificates of 
the Attorney General thereto, of all Life Insurance Com- 
panies organized under said Act. This duty has never yet 
been performed. The Superintendent has, however, pro- 
vided a Book for the purpose, designated as the " Record 
of Charters: Life Assurance Companies" and has com- 
menced a record of all Life Insurance Company Charters 
granted under the general Statutes of this State. 

During the Rebellion, which is now rapidly drawing to 
a close, many of our Life Insurance Companies, whose age 
and strength would allow them to bear the increased hazard, 
have nobly offered to carry the Policies of the citizen soldiers 
engaged in fighting the battles of Freedom and Republican 
Institutions. An extra rate has been charged in such cases, 
which has thus far proved amply sufficient to cover the 
increased risk. If in the future however, this rate should 
be found inadequate for this purpose, the loss to the com- 
panies will be one of those contingencies, for which it is 
the obvious duty of all patriotic corporations to provide, 
and will afford a claim hereafter for governmental aid and 
protection to the interests of Life Insurance, which will 
result in mutual benefit to the State and people. 

During the past year many Policies have been forfeited 
by citizens of the rebellious States of the Union, in conse- 
quence of the non-payment of premium. In such cases, 
while every facility may, in the discretion of a company, 
be afforded to every true loyal man to renew his Policy 



XXXV111 REPORT OF THE 

immediately after the suppression of the insurrection, yet 
any company which is disposed to reward treason, by 
giving the same facilities to traitors, or their sympathisers, 
should be compelled to restore to the people of the loyal 
States its violated Charter, or to transfer it to other hands 
or management less disposed to reward with gratuitous 
privileges those who have impiously attempted to destroy 
all our institutions and the very frame-work of our conse- 
crated Republic. 

The Life Table of last year will be found repeated in 
Table Xo. IX; the present value of outstanding Policies is 
stated at the sum fixed by the companies, except where 
valuations and estimates have not been returned. In such 
cases the Superintendent has charged this liability at fifty 
per cent of the premium receipts. 

Life Insurance Companies of Other States. 

Xo new Life Insurance Company from any other State 
of the Union has applied, during the year, for admission into 
the State of Xew York. ' Six companies have been here- 
tofore admitted, which are now engaged in the transaction 
of business ; one of which, the American Mutual Life, of 
Xew Haven, is now under Examination with respect to its 
condition and solvency. The Superintendent has only 
recently been furnished by this Company with the detailed 
List of Policies in force, required by the Department. Val- 
uations of its outstanding Policies and other obligations 
have been commenced, which are not yet finished. A 
Report will be made as to the condition and affairs of the 
Company when these calculations are all completed. The 
Annual Statement of this Company for the past year 
will be found in this Volume ; but it will be seen that 



SUPERINTENDENT. XXXIX 

no Valuation of Policies or estimate for re-insurance has 
been furnished by the Company as required by the blank 
form under the head of Liabilities. 

The process employed by the Mutual Benefit, in obtain- 
ing the net present value of its outstanding Policies, or 
re-insurance fund, will be found succintly detailed in the 
Abstract of the Annual Statement of the company. 

Under the present Statute, the Agents of Life Insurance 
Companies from other States are not required to renew 
their Certificates of Authority annually in this Department, 
as is required of the Agents of Fire and Marine Insurance 
Companies of other States and Foreign Countries. The 
Superintendent respectfully recommends that a provision 
be made in this respect similar to that in the Statute, 
relating to the Agents of Fire Insurance Companies. 

Foreign Life Insurance Companies. 

There are now six Foreign Life Insurance Companies 
which have been heretofore admitted to transact business 
in the State of Ne wYork, having made the deposit for 
this- purpose of $100,000.00 in the Department, as required 
by our laws, viz. : 

Name of Company. Location. When 

admitted. 

Albion (now Eagle) Life Insurance Co London 1851. 

National Loan Fund (now International) Life 

Assurance Society _ London 1852. 

British Commercial (now British Nation) Life 

Insurance Company _ London 1853. 

Colonial Life Insurance Company Edinburgh __ 1854. 

Royal Insurance Company __ Liverpool 1855. 

Liverpool and London Fire and Life Insur- 
ance Company Liverpool 1859. 

The Colonial has discontinued business, and on the 16th 
day of January, 1862, filed a formal application for the 



Xl REPORT OF THE 

withdrawal, in whole or in part, of its Securities on depo- 
sit in this Department, and the six months' notice required 
to be given by Statute before any surrender can be made, 
is now in course of publication in the State paper. 

The legal proceedings by Mandamus, instituted by the 
Royal Insurance Company against the Superintendent, to 
test the validity of his refusal to issue Fire Certificates of 
Authority to said Company, have remained in statu quo 
during the last year. The true solution of the matter rests, 
however, with the Legislature, as whatever may be the 
decision of the Courts on the Mandamus, the future policy 
of the State, as to the combination of Fire and Life risks in 
one company, domestic or foreign, is dependant on Legis- 
lative discretion and action. 

It is very objectionable to allow Foreign companies to 
combine these risks, when no company in this State is 
allowed the dangerous privilege ; but it is of course, almost 
impossible, for companies like the Royal, and Liverpool and 
London, to entirely disunite their two departments of busi- 
ness, which, in England, have been quite generally united 
in one company for more than a century. The policy and 
expediency of this union is, however, questioned by high 
authority in England. 

Neither is it precisely satisfactory to compel these two 
companies to discontinue all new business here, and still 
hold during the life-time of a generation the securities 
deposited for the protection of American policies. The 
deposits were made by these companies and accepted by 
the Comptroller, with the implied understanding that the 
companies should be allowed to carry on business until 
some reasonable and sound objection should be found to 
exist against its continuance. The combination of Fire and 



SUPERINTENDENT. xli 

Life risks was known to the Comptroller at the time of the 
deposits, and could not therefore be fairly considered as 
constituting such an objection. 

• Probably, the most judicious course to be pursued under 
all the circumstances, is to prohibit for the future, by express 
enactment, any union of Fire and Life Insurance business 
by any company, whether American or Foreign, except- 
ing the two foreign companies from which the deposit, of 
$100,000.00 required by Statute has been heretofore accept- 
ed, and which companies would have the right in any event 
to carry on their existing Life business in this State for their 
own benefit as well as for the convenience and advantage 
of the existing New York policy-holders. 

The Royal Insurance Company has recently given a 
detailed description of all its Life Policies in force, not 
only in this, but in all other countries, prepared with the 
same carefulness and accuracy which have heretofore 
characterized all its official Statements filed in this 
Department. 

The " National Loan Fund Life Assurance Society " of 
London, England, was organized as a Life Assurance Com- 
pany under a Deed of Settlement dated February 16, 1838, 
with a subscribed Capital of .£400,000 sterling, divided into 
.£20 shares, on which about .£80,000 in all has been paid 
up, making the Capital actually paid up about $387,200. 
On the 2d day of July, 1855, the name of the Company 
was changed to that of " The International Life Assurance 
Society" by an act of Parliament, which gave additional 
powers to the said Society. The company commenced 
the transaction of business in the city of New York in the 
year 1844, and has been so engaged ever since. 

On the 15th day of June, 1859, the Insurance Commission- 



Xlii REPORT OF THE 

ers of Massachusetts made a special Report concerning the 
condition and affairs of this Company on the 1st day of No- 
vember, 1858, by which it appeared that there was a defi- 
ciency in the general Assets of the Company, (charging paM 
up Capital as a liability,) amounting to over $1,000,000.00, 
as stated in the First Annual Report from this Department, 
The Valuations of Prof. Benjamin Pierce, of Cambridge, 
and of the London Actuaries, Messrs. Neison and Wool- 
house, were also given, showing a balance in favor of the 
Society. 

On the recommendation of the Superintendent, a 
law has been passed, requiring full returns from Foreign 
Life Insurance Companies, showing the situation of all 
their Assets and Liabilities in the same manner required 
of our own companies. This established Legislative 
policy will undoubtedly be enforced by other acts during 
the present session. The International has up to this date 
failed to make an Annual Report, as required by the law 
of 1861. The Superintendent is therefore still without 
the data necessary to calculate the value of all the out- 
standing Policies of the Company, and has not as yet ob- 
tained a statement of the London Assets. 

The Superintendent has now on file a description 
of all the Policies of the Company in force in the 
United States on the 30th day of November, 1860, but 
Schedules of new Policies issued, and of those which have 
ceased to be in force since that date, have not yet been re- 
turned to this Department by the New York agency. A 
large number of Policies, chiefly in the seceded and insurrec- 
tionary States, have become lapsed during the last year by 
the nonpayment of premiums, a description of which is pro- 
mised to be furnished to the Department as soon as prac- 



SUPEKINTENDENT. xliii 

ticable. Sixteen hundred and sixty-four Policies, insuring 
$4,498,483.00, were returned as being in force in the Uni- 
ted States on the 30th day of November, 1860. 
? Valuations have been made of all the Policies of the 
Company in force in this country as of the date of Decem- 
ber 1, 1861, assuming that all the Policies returned Nov. 
30, 1860, remained in force, and that no new Policies have 
been issued during the year. 

These incorrect data were necessarily assumed, as no 
return had been made by the Company of new policies, or of 
those which had ceased to be in force during the year 1861. 
On these assumptions, taking the Carlisle Table of Mortality, 
(upon which, modified, the Company's premiums are based) 
and four per cent interest (although the interest assumed 
by the Company is only three and a half per cent) by a 
gross valuation of the assurances and actual premiums 
charged by the Society, the following results are shown 
as to the situation and condition of the United States Branch 
of the company on the 1st day of December, 1861 : — 

Present value of 1664 Policies, insur- 
ing $4,498,843.00 _.. $1,937,417 28 

Present value of the additions on same, 

viz.: $48,750.05 23,842 65 

Total present value of contingent Liabilities __ $1,961,259 93 

Present value of the Annual Premiums, 

viz: $140,874.75 _ .$1,843,924 29 

Deduct for " loading" twenty per cent, 
(equivalent to a " loading" of twen- 
ty-five per cent) 368,784 85 

Net present value of future Premiums receivable 1,475,139 44 

Net present value of outstanding Policies $486,120 49 

Realized Assets of the Company in the United States, 367,869 10 

Apparent deficiency $118,251 39 



Xliv REPORT OF THE 

j 

The present value of the extra premiums of $1,246.76 per 
year is §16,969.57. This sum is not included as an asset, 
being considered merely as the proper offset against the 
increased hazard arising from the extra risk of climate or 
occupation, for which it is charged to the assured. 

The "loading" of twenty-five per cent charged to the 
company, is somewhat less than that which the experience 
of the company has demonstrated to be necessary in con- 
ducting its business. The future expenses could, however, 
by the exercise of a rigid and strict economy, be probably 
reduced fifty per cent. 

The Assets of the Society in the United States on the 
1st day of December, 1860, ought to have increased during 
the year 1861, but are assumed to be the same, as no new 
Statement has been made to this Department by the Com- 
pany. The nature of these Assets is as follows : — 

Bonds and Mortgages and accrued interest $57,850 00 

Cash Items c 3,511 72 

New York and United States Stocks..,. 43,000 00 

Amount due from Agents _ 11,109 22 

Withdrawal Loans on Policies 119,469 00 

One-third Loans on Policies 23,518 20 

Half Loans on Policies 47,277 81 

Forty per cent Loans on Policies 2,171 00 

Two-third Loans on Policies and on pergonal security, 56,162 15 

Other property _ 2,800 00 

Aggregate $367,869 10 

The Statement filed by the Company for November 30th, 
1860, makes the actual available Assets, after deducting 
$7,000 for bad and doubtful debts and securities, the sum of 
$416,031.25; but on analyzing and comparing the items, 
with the detailed list subsequently filed, they become re- 
duced to $367,869.10. The loans on policies, for which pro- 
missory notes are taken by the Society in all cases, are spe- 



SUPERIN TENDENT . xl V 

cified ill Schedules, giving the names of the makers, the 
numbers of the policies, dates and amounts of the notes, and 
other detailed particulars. It should be taken into consider- 
ation, that all these loans on policies, except the two-third 
loans, are only available practically as an offset to the con- 
tingent liability of the Society on the specific policy upon 
which the loan was made. 

The Chairman of this Society in London asserts that the 
company's Assets are more than sufficient to re-assure all 
of its outstanding policies in a responsible London office. 
The Superintendent, however, in conformity to the laws of 
this State, must require the usual Statement from the home 
office, demonstrating this sufficiency and giving the data 
on which to predicate a valuation of policies, and speci- 
fying also the various items composing the Assets of the 
Company. 

The evils resulting to the assured by the exclusion of 
this Company from transacting new business in the State, 
and thus perhaps virtually driving the Society out of the 
country, are so great, and, to many persons, so practically 
remediless, that the Superintendent has deemed it his duty 
to afford the Society every facility for improving its condi- 
tion or demonstrating its ability to carry successfully all its 
outstanding Policies. There is great inherent vitality in a 
Life Insurance Company so long established as the Inter- 
national, and with so large a number of Policies in force. 
The gain by lapsed Policies, especially if the solvency of a 
Company is questioned, cancels yearly a large contingent 
liability. But it should be recollected however, that all 
loans secured by cancelled policies only, cease also to be con- 
sidered as available Assets. The Southern business of this 



Xlvi REPORT OF THE 

Company was extensive, and many of these Policies had at- 
tained a considerable age.* Unsatisfactory as is the present 
condition of the American Branch, it is not entirely hopeless 
unless its income and resources are drained away by the 
London office. The agents of the Company in the city of 
New York, Messrs. Habicht and Holbrooke, were notified 
by this Department, on the 30th day of September last, not 
to transmit any funds or other Assets of the Society to the 
home office of the Company. The assurance is given by the 
general agent of this Society in New York, that many of the 
shareholders in London are men of wealth and integrity, 
able and willing to respond if the realized Assets of the 
Company should ever practically prove to be insufficient. 
If x^merican policy-holders who have paid their premiums in 
good faith for many years, are ever allowed by the English 
shareholders to suffer losses from deficient Assets, there can 
be no possible justification for such violated faith and dis- 
honest repudiation on the part of the proprietors. 

It is hoped that the Society will soon see the necessity 
of complying with the laws of this State by making the 
required returns covering all its Assets and Liabilities, and 
embracing the data of all its Policies in force in England 
and elsewhere. 

The agents of Foreign Life Insurance Companies should be 
compelled to renew their Certificates of Authority annually 
in the same manner required by the Fire and Marine Insu- 
rance Laws, and the Superintendent respectfully recom- 
mends such an amendment of the Life Insurance Act. 

* The Superintendent has recently received a letter from Mr. John G. Holbrooke, the Agent of 
the Society in New York, stating that four hundred and twenty-four Policies, amounting to the 
sum of §1,383,833.00, have ceased to be in force in the United States since December 1st, I860. 
If all these Policies should be finally cancelled, the apparent deficiency of $118,251.39, stated 
above, would be greatly lessened, if not entirely neutralized. 



SUPERINTENDENT. xlvii 

Miscellaneous. 

The total amount of Stocks and Mortgages now held by 
this Department for the security of the policy-holders of 
Life Insurance Companies, is $2,096,650.00, credited to the 
various companies at the sum of $2,063,668.00. Of this 
aggregate, New York companies have deposited $1,262,- 
668.00 ; companies from other States, $200,000.00 ; Foreign 
companies, $601,000.00. The nature and amount of securi- 
ties held in trust for each company, are specified in Table 
No. X. hereto annexed. 

It is unnecessary to repeat here the recommendation of 
last year in favor of some efficient Sanitary regulations for 
the government of our great Metropolis. 

The time is now inopportune for any increase of public 
civic expenditures, but at some future period, not far dis- 
tant, New York should commence the gradual organization, 
in the office of the Secretary of State, of a Bureau of 
General Statistics. The State of Ohio is already entitled 
to the honor of preceding us in this work of progress and 
civilization ; and the General Government, in accordance 
with the recommendations of the President, has lately 
taken steps for the establishment of an Agricultural Bureau 
at Washington. 

The ancient Romans had a Census taken every five years, 
and a failure to give the required information involved the 
forfeiture of the right of citizenship. It is said that even 
semi-civilized Peru kept a Register of Births and Deaths ; 
but in the State of New York her citizens are born, marry 
and die without any governmental record except that of 
being enumerated in the decennial Census. The changing 
character of our population will not allow us at present 
to give such accurate and valuable Statistics as are 



xlviii superintendent's report. 

embraced in the elaborate Reports of the Registrar- 
General in England, to which country we are still under 
obligations for the compilation of the Tables of Mortality 
used by our Life Insurance Companies. 

The State should in the future, however, more tenderly 
care for its children. The Great Rebellion has taught this 
generation, in lessons of blood and of treasure, that the 
benign jurisdiction of a paternal and energetic govern- 
ment should reach all interests and restrain all national 
evils, and that the important duties of American citizen- 
ship cannot long be neglected without ultimately incurring 
a fearful and terrible penalty. 

WILLIAM BARNES, 

Superintendent. 



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lxxxii 



STATISTICAL 



Receipts and Expenses of the Insurance Department for the Fiscal 
years ending September 30, 1860, and September 30, 1861, respec- 
tively. 



RECEIPTS. 



For the year end- 
ing September 
30, 1860. 



No. 



Fees for filing Annual Statements : — 

Of New York Joint-Stock Fire Insurance Cos 

Of New York Mutual Fire Insurance Cos 

Of New York Marine Insurance Cos 

Of New York Life Insurance Cos 

Of Fire Insurance Cos. of other States 

Of Life Insurance Cos. of other States 

Of Foreign Fire Insurance Cos *. 

Of Foreign Life Insurance Cos 

Fees for certificates of authority (Fire Insurance) 

for certified copies amended statements issued with 

certificates of authority 

for certified copies certificates of authority 

for certificates of authority (Life Insurance) 

Fees for filing charters : — 

Of New York Joint-Stock Fire Insurance Cos 

Of New York Life Insurance Cos 

Of Fire Insurance Cos. of other States 

Fees for certified copies documents and papers on file 

Fees for powers of attorney to transfer stocks, certificates 

of deposit of securities, re -assignments, and consents to 

amend charters and to postpone sales of real estate . . 
Received and refunded for certificates of authority, not 

issued $231. 00 



Total Receipts 

Aggregate Receipts to October 1st, 1861, 



4 
867 



Amount. 



$1,885 00 

560 00 

220 00 

160 00 

900 00 

120 00 

60 00 

80 00 

2,601 00 

244 00 

'*'240'00 

150 00 
60 00 
30 00 

240 30 



39 75 



$7,590 05 



For the year end- 
ing September 
30, 1861. 



No. 



95 

25 

11 

7 

33 

4 

3 

4 

811 



798 
19 



Amount. 



$1,900 00 

500 00 

220 00 

140 00 

660 00 

80 00 

60 00 

80 00 

2,433 00 



997 50 
57 00 

60 00 

60 00 

60 00 

149 52 



69 80 



$7,526 82 



$15,116 87 



Paid into State Treasury during Fiscal year 

year ending September 30, 1860 $7,000 00 

Paid into State Treasury during Fiscal year 

ending September 30, 1861 1,000 00 



Aggregate amount paid into State Treasury to 

October 1, 1861 $14,000 00 

Balance on hand and in Banks 1,116 87 



$15,116 87 



TABLES. 



lxxxiii 



Receipts and Expenses. — Continued. 



EXPENSES. 


For the year end- 
ing September 
30, I860.* 


For the year end- 
ing September 
30, 1861. 




$4,393 99 


$7,352 72 
]43 50 






1,285 63 
352 29 
193 10 


69 05 




306 42 




305 85 


for publication of reports on special examinations as 

required by § 24, chap. 466, Laws of 1853 

for books and works on Insurance for library of de- 


368 25 


181 92 
173 25 


192 75 




242 48 




1,501 20 




50 00 










$6,630 18 


$10,482 22 





Aggregate Expenses of Department to Oct. 1, 1861. 
Aggregate Receipts of Department to Oct. 1, 1861, 



Excess of Expenses over Receipts. 



$17,112 40 
15,116 87 

$1,995 53 



An assessment was levied upon the New York Stock Insurance Com- 
panies, on the first day of November, 1861, in order to meet the above 
deficiency, in accordance with the provisions of chap. 366, sec. 7, Laws 
of 1859, at the rate stated in the following schedule: 

SCHEDULE. 

Stock Insurance Companies, State of New York. 

Aggregate capital stock $24,269,550.00. Amount assessed thereon $1,995.53. 

Rate of Assessment $8 223-1000 per $100,000.00 of stock. 



The following are the names and compensation of the Clerks regularly 
employed in this Department for nearly the whole of said Fiscal year 
ending September 30, 1861 : 

James W. Husted, Deputy Supt $1,500 00 

Christopher L. Skeels , . 1,200 00 

Charles H. Raymond 900 00 

Matthew H. Robertson , 500 00 

WILLIAM BARNES, 

Superintendent. 
* Being for eight months and nine days, only. 



APPENDIX 



WORLD'S SAFE INSURANCE COMPANY. 

[Located in Troy, N. Y. ; organized December 30, 1859.] 

NEILSON FORSYTH, President. SIMON H. KENNEDY} Secretary. 

{Statement for the year ending December 31, 1861.) 

I. CAPITAL. 

The amount of Capital Stock of the company is $100,000 00 

II. ASSETS. 

Amount of loans on Bond and Mortgage (first liens) $124,200 00 

Interest accrued, but not due, on said Mortgages 3,452 80 

Insurance on buildings conveyed by said Mortgages, held 

as collateral, is, $15,500. 
The company's valuation of the property covered by said 

Mortgages, is, $225,000. 
Amount deposited in the Mutual Bank of Troy, $4 , 333 34 

Amount deposited in the Bank of Troy 8, 685 24 

Amount of cash in the hands of agents, re- 
ceived for premiums this year 2, 118 46 

Total amount of Cash Items 15,131 04 

Amount of all other loans made by the company 3,480 47 

Amount due the company on which judgment has been ob- 
tained 144 24 

Amount of premiums due and unpaid 499 08 

Amount of all other property belonging to the company. . 1,115 63 

Total amount of all the Assets of the company $148, 029 26 

Deduct bad and doubtful debts and securities 110 54 

Aggregate amount of actual available Assets 147.918 72 

III. LIABILITIES. 

Amount of Losses unadjusted, $800 00 

Amount of claims for Losses resisted 1 ,350 00 

Total amount of Losses unpaid $2 , 150 00 

Premiums received on unexpired risks $9,248 15 

Amount of unearned premium on the above, 

at an average of fifty per cent 4,624 08 

Amount required to safely re-insure all outstanding risks 

estimated by the President and Secretary 3,700 00 

Amount of all other claims against the company 1 ,800 00 



Aggregate amount of Liabilities $7 , 650 00 



446 APPENDIX. 



IV. INCOME. 



Amount of net cash premium income actually received 

during the year on Fire risks $10,042 09 

Amount received for interest on Bonds and Mortgages . . . 1,000 00 

Aggregate amount of Income received during the year, $17,042 09 



V. EXPENDITURES. 

Aggregate amount paid for Fire losses during the year. . $4,319 01 

Amount paid to agents and persons other than officers of 

the company for commissions on premiums 1 ,185 06 

Amount paid to officers of the company, for salaries, fees 

and other perquisites 1 , 565 00 

Amount paid for salaries (excluding commissions), of 

agents, clerks and other employes 815 26 

Amount paid for printing, advertising and agency ex- 
penses, other than those above mentioned 636 16 

Amount of all other payments and expenditures 893 56 



Aggregate amount of Expenditures during the year. . . . $9,534 11 



VII. MISCELLANEOUS. 

Amount of Fire risks in for°ce December 31, 

1861, having less than one year to run. . . $114,293 00 

Amount of Fire risks in force December 31, 
1861, having more than one and less than 
three years to run 54,815 00 

Amount of Fire risks in force having more 

than three years to run 1 , 500 00 



Total amount of risks in force December 31, 1861 $830, 608 00 

Net amount of Fire risks written during the year 923, 129 00 



SUPREME COURT. 



In the Matter of the World's 
Safe Insurance Company. 



Albany General Term, May, 1861: Present, Gould, Hogeboom and 

Peckham. 

This is an appeal from the order made at the Special term of this 
Court, refusing to dissolve this Company and .distribute its effects. 

There has been an investigation on behalf of the State, into the affairs 
of this Company, under section 24 of the act of 1853, (L. of 1853, p. 
911.) The Superintendent who made the investigation was of opinion 
that the assets of this Company were insufficient to justify its contin- 
uance in business ; that fact was communicated to the Attorney-General. 
That officer then procured an order from this Court for the Company to 
show cause why its business should not be closed, and under that order 



APPENDIX. 447 

the proofs and allegations were had before a referee, which are now 
before the Court; the appeal is taken by the Attorney-General from the 
decision at Special Term upon the report of the referee. 

Henry Smith, for Appellant. 

W. A. Beach, for Respondent. 

Peckham, J. The Statute enables " any number of persons, not less 
than thirteen, to associate and form an incorporated Company " to make 
insurance, &c. (L. of 1853, p. 904, § 1.) 

Such persons shall file in the office of the Comptroller a declaration 
sigfied by all the corporators, expressing their intention to form a com- 
pany for insurance, which shall "comprise a copy of the charter' 7 pro- 
posed to be adopted by them. (§3.) 

Each director of a Stock Company shall be the owner in his own right, 
of at least five hundred dollars worth of its stock at its var value. (§4.) 
In this case more than thirteen persons associated and applied for a 
charter. They obtained the certificate of the Attorney-General, as re- 
quired by section 10 of the Statute, that the charter was conformable 
to law. Three persons were appointed by the Comptroller, two of whom 
certified under oath that the capital of said Company, $100,000, had been 
paid in " in cash and bond and mortgage, as appears to our satisfaction 
by the evidence of the fact produced to us." 

They were appointed on the 22d of December, 1859, and made their 
certificate on the 29th of the same month. The Treasurer and Secre- 
tary swear that the capital exhibited by them to two of the Commission- 
ers, (seemingly not exhibited to all,) on the 29th December, 1859, (the 
same day of their report,) as the capital, was the property of said Com- 
pany. These certificates being filed with the Comptroller, he delivered 
a certified copy of the charter and of such certificates to the Company, 
who, on filing them with the Clerk of the county where the Company 
was to be located, were authorized to " commence business and issue 
policies." 

It will be observed that the certificate given by the persons appointed 
by the Comptroller, wholly fails to comply with the Statute. It does 
not state the amount of money paid in, or that the bonds and mort- 
gages were such as were required by the eighth section of the Insurance 
Statute of 1853. The certificate might be true, and yet the requirements 
of that section of the Statute, in no manner complied with. The eighth 
section of the act required bonds and mortgages on unincumbered real 
estate, within the State of New York, worth fifty per cent more than the 
sum loaned, exclusive of farm buildings; in other words, worth fifty per 
cent more than the amount of the security by bond and mortgage. There 
is no intimation in the certificate that the mortgages were of that charac- 
ter. The act expressly requires these Commissioners to certify that the 
bonds and mortgages possessed by the Company as capital, are such 
"as are required by the eighth section of this act." (§ 10.) They simply 
certified that the Company had its capital in cash and bonds and mort- 
gages, as " appears to our satisfaction." 

What kind of bonds and mortgages ? — They do not say. 

The proof before the referee shows clearly that this examination by 
these appointees of the Comptroller, must have been very superficial and 
utterly insufficient. One of the appointees is a lawyer, but he did not 
sign the certificate, and the others obviously wholly mistook their duties. 

The titles could not have been examined, as many were shown before 
the referee to be wholly defective, many were not recorded, and there is 



448 APPENDIX. 

scarcely a pretence of the securities having been in accordance with the 
requirements of the Statute. 

The affidavit of the Secretary and Treasurer of this Company would 
seem to show that the securities were exhibited to the two appointees 
on the same day they made the certificate (the 29th December, 1859.) 
Yet it appears they were paid about four hundred and fifty dollars 
for their services in making the examination. The testimony of Ken- 
nedy shows that the one who did not sign the certificate was paid sixty- 
five or seventy dollars, and the other two were paid the balance. He 
says in a loose way that "they were several days engaged. One came 
from Sandy Hill ; the other two were down several times from Troy 
to Albany. Thinks none of them went to Essex county. They were 
employed about a week." They were not appointed until the 22d of 
December, and reported on the 29th, "and one came from Sandy Hill." 

The next fact of suspicion as to this Company, is, that although some 
fourteen persons united in declaring their intention to form an associa- 
tion and incorporated Company for insurance, at the head of whom was 
a Justice of this Court, and though they all, with three others, also, sub- 
scribed for stock, no one assumed or attempted to pay anything except 
three, viz. : Messrs. Cutler, Buck and Andrews. They paid, or assumed 
to pay, by mortgages alone, and Cutler assumed to pay for the Judge, 
fifty shares, and for five shares each for five other subscribers. Scrip was 
issued to the Judge for fifty shares, and by him assigned to Cutler. Yet 
the scrip of this Company, as appears by the testimony of one of its 
chief owners, (Mr. Andrews,) " is endorsed as not transferable in twenty- 
four months after date." Is the stock legally transferable before then ? 
Some question might, perhaps, arise whether the Judge is not now the 
owner of the fifty shares subscribed for by him. Could he transfer it if 
endorsed — not transferable ? If not, is he not as much the owner now 
as are any of the directors of the Company whose stock had been paid 
for by Mr. Cutler ? Again, there are thirteen directors, only two of whom 
have assumed to pay anything on their stock, either in cash or bonds 
and mortgages. Two, however, Kennedy and Lillie, are alleged to have 
paid something, or to have set off, the one by a safe and furniture, and 
the other by services. 

The other nine are officers, without paying anything ; and if they own 
the stock, Cutler alone, or with his two associates, the owners of the 
Company, have paid forty-five hundred dollars for the officers of this 
Compan}' ; have literally given it away. Have they done so, or are 
these officers merely a formal part of the Company, without any real 
interest in it, holding their stock in trust for the real owners who have 
assumed to pay for it, loaning their respectability to the Company ? 
The Statute contemplates that these officers should be in fact interested 
in the business and prosperity of the Company, by owning at least five 
shares each "in their own right," not as representatives or trustees, that 
the public might look to them as some security that they would safely 
and successfully manage a Company in which their own interests were 
involved. 

Has there been any substantial compliance with this provision ? Are 
these persons, though they own no shares in the Company in their own 
right, directors de facto of the Company, or has the Company but three 
or four directors? Again, who are the stockholders of this Company? 
The Statute seems to have contemplated that subscriptions should 
only be received, and the books for subscription to the capital stock 
should be kept open only " until the full amount specified in the charter is 



APPENDIX. 449 

subscribed." (§ 7.) The capital stock of this Company was specified in 
its charter at $100,000, divided into a 'thousand shares of $100 each. 
Subscriptions, therefor, were received for 1,470 shares, and no division 
or award of the stock has ever been made. Where the subscriptions only 
equal the amount of the capital, no award of the stock is necessary to 
make the subscribers stockholders. Buffalo City v. Donnelly, (4 Kern., 
346), subscription and payment are sufficient. Not so here. There seems 
to have been an entire misapprehension in the managers of this Com- 
pany, as to the law in organizing Insurance Companies. The subscribers 
seem to have supposed that they should subscribe for stock, and then 
secure the Company for their subscriptions by an assignment of mort- 
gages. This is a mistake. The law allows the payment, not security 
of their subscriptions by securities. These mortgages are assigned in 
absolute payment with no liability whatever over upon the party assign- 
ing them to the Company. 

The bonds and mortgages then became the absolute property and 
assets of the company ; its capital ; in this instance, its only capital. 
If they are worthless it has no capital. Hence the importance of seeing 
that the mortgages are upon such property as shall make them certainly 
worth the amount at which they are received. For what amount or at 
what estimate were the mortgages taken by this Company : — 

By the report of the referee it seems that the mortgages assigned by 
Andrews, amounting to $46,000, were taken at and for $46,000. Those 
assigned by Cutler, amounting nominally to $48,350, were taken at 
$38,350. Those assigned by Buck, amounting to $85,450, "are held 
under the subsequent agreement between him and the Company, set forth 
in Schedule F." Schedule F, dated February 20, 1860, signed by the Sec- 
retary of the Company and by Buck, after reciting the delivery by Buck 
to the Company of " some $75,000 of bonds and mortgages, for which he 
has received $13,000 of scrip," says that " the balance of the mortgages 
are to remain in possession of the Company until passed upon by the 
Superintendent of the Insurance Department, and then he is to receive 
scrip for the amount the Superintendent sees fit to take them at." The 
Superintendent has no official authority to decide the question as to what 
they shall be taken at, and has never assumed to do so as to these mort- 
gages. The testimony of Mr. Buck himself, shows distinctly for what 
he received his $13,000 of stock. He testifies " it has never been deter- 
mined at what my mortgages should be taken at, nor the number of 
shares of stock my mortgages entitled me to. I have had scrip to the 
amount of $13,000. There was $13,000 of mortgages put in at the 
time ; that was the time I received the scrip. They were the Weed, 
Sherman and Witherell mortgages. These $13,000 mortgages were 
handed back to me about the time I gave them, in order to put them in 
better shape." The Weed, Sherman and Witherell mortgages are num- 
bers 12, 13 and 14 in Buck's list. It is entirely clear, then, from the 
evidence and the facts presented, that the Company never owned but 
these three of the Buck mortgages, which amounted nominally in the 
aggregate of principal to '$13,100. Andrews subscribed for 275 shares 
of this stock, amounting to $27,500. He has delivered over to the Com- 
pany bonds'and mortgages, which they have received at $46,000, leaving 
a balance due him from the Company, if he shall get all the stock he 
subscribed for, of $1 8,500. Cutler subscribed for 305 shares, and assumed 
to pay for fifty shares of the Judge and some 35 shares for others ; in all 
390 shares. His bonds and mortgages, taken at $38,350, leave him 

29 



450 APPENDIX. 

deficient $650, provided he should get all his stock and pay for eighty- 
five shares for others. 

The Company as a Company seems not to have taken the least interest 
in its own affairs. Buck testifies " the mortgages would not go in at their 
face, but as they would bear inspection, — what the Commissioners should 
allow them. Schedule (F.) he says was signed in the neighborhood of 
the time, mortgages were left with the Company ; can't state the time ; 
business was done from week to week at different times ; can't tell when 
I left last mortgages with the Company." 

By " Commissioners " I suppose he alludes to the appointees of the Comp- 
troller, as the Commissioners to receive subscriptions for stock finished 
their business on the 26th day of December, 1859, the date of the last 
subscription, about two months before schedule (F.) was signed. No 
Commissioners ever did decide what Buck's bonds and mortgages should 
be purchased at, nor has the Superintendent done so. But the Company 
having issued scrip on the three before named mortgages, if as a Company 
they did it, and it was not done by some unauthorized individual, they 
may be said to have bought them. As to all the other Buck mortgage's, 
they have no title to them whatever ; they have not purchased them at 
all, and have no interest in them. Suppose the Company should now say 
to Mr. Buck that they would buy them all at 820,000, which in my opinion 
on the evidence and facts is more than they are worth, would he sell 
them for that ? If he has any faith in his estimate of their value, he 
would' not. Then there is no bargain ; none has ever yet been made. 
What pretence, then, that the Company own these Buck mortgages, other 
than the three before named. He has subscribed for 485 shares of stock, 
but it has not been awarded to him, and he has not paid for it, except 
for 130 shares; no law of this State allows him to take stock in a Com- 
pany and assign bonds and mortgages as a security for its payment. He 
must actually and absolutely pay for it, either in cash or in the securi- 
ties required by the Statute, and then the securities are as much the 
absolute property of the Company as the cash would be, if paid for in 
money. Some of the mortgages assigned by Cutler to theCompany, in 
amount to about $12,000, were withdrawn by him, but by whose autho- 
rity does not appear. There seems to have been no action of any Board 
of Directors in regard to it; other bonds and mortgages by Buck, regard- 
ed as of less value, are claimed to have been substituted in the place of 
the Cutler mortgages withdrawn, and on the 12th January, 1860, Buck 
received from the Company $13,000 of his bonds and mortgages for col- 
lection, and gave a receipt therefor. But during the hearing before the 
referee, it was shown that these latter mortgages had been returned, 
nothing having been collected upon them. 

The circumstances already alluded to, touching the organization of 
this Company, tend to awaken suspicion as to its character. The Statute 
under which this Court is now acting, authorizes it to dissolve this Com- 
pany if it shall appear to the satisfaction of the Court that the funds of 
the Company are not sufficient to justify its continuance in business, " or 
that the interest of the public so require." (§24.) 

When should this Court be satisfied that the funds of the Company 
are insufficient to justify its continuance in business ? The answer, in 
my judgment, is clear and plain, and is found in the provisions of the 
eighth section of the Statute. 

What authorizes it to commence business, authorizes it to continue. 
If its funds substantially equal the amount of its capital, either in cash 
or in the kind of securities pointed out by that section, it should con- 



APPENDIX. 451 

tinue, — so far as respects the question of the sufficiency of its funds. If 
they substantially fall short, the Company should be dissolved. This is 
not a question of discretion, but of clear law. 

The eighth section seems to contemplate that the capital should first 
be paid in in cash, and that it might afterward be loaned on the securi- 
ties therein specified. But the tenth section allows a Company to orga- 
nize and issue policies, on its being certified that the capital has been 
paid in, either in money V or in such stocks and bonds and mortgages as 
are required by the eighth section of this act." 

Such a certificate this Company never obtained. The Company then 
to go on must substantially have its capital in money, or in the stocks 
and bonds and mortgages of the character just specified. 

It would be absurd to say that a Company could not organize without 
the bonds and mortgages on unincumbered real estate, worth fifty per 
cent more than the mortgages, but if it should once get under way by a 
certificate a week old, however false, it might then go on though the 
lands mortgaged were incumbered or not worth the face of the mortgages. 

The Statute intended that the capital should be secured so that credit- 
ors and claimants should get their pay when they called for it, and it 
intended to give that security by having the mortgages on unincum- 
bered lands worth fifty per cent, more than the mortgages. The Legis- 
lature knew, as every one knows, that if lands are sold at a forced sale, 
it is not at all unusual that they fail to realize two-thirds of their value. 
It is urged that there is difficulty in obtaining such mortgages as the 
Statute requires. Then go to the Legislature for a change of the law, 
not ask the Court to repeal the Statute by construction. 

The Statute as to banking requires property of double the value for 
which it is mortgaged, and we know how often those mortgages have 
proved deficient when banks have failed. No business man would ordi- 
narily loan his money upon less security than this Statute requires. The 
law as it stands is exceedingly loose in allowing Companies to organize 
at all by putting in bonds and mortgages as cash. The permission is 
calculated to facilitate frauds. 

If the Company had the cash, it could invest far more safely, and 
ordinarily would do so. It is no answer to say that if the Court is not 
satisfied that the funds are insufficient, the Company should not be dis- 
solved, and that the Court may be satisfied with such evidence as it 
thinks proper. 

This would afford no safe rule whatever. One person may be satisfied 
that bonds and mortgages worth ten thousand dollars are sufficient to 
authorize a Company to go on when its capital is $100,000 ; that sol- 
vency is all that is required, and in the early days of a Company it can 
owe but little in the ordinary course of events ; that such a business is 
usually successful, and money will be earned to meet its liabilities. This 
,is specious and plausible; but the Statute says it shall not do business at 
all unless its whole capital is paid in in cash, or in certain prescribed 
securities ; and all know how frequently Insurance Companies have 
failed, and how often the insured have been defrauded. Public policy, 
in my opinion, demands that these provisions for the safety of the insured 
should be enforced with sternness and rigor. 

I am not disposed to relax them in any degree. The mortgages must 
not be good to." over-satisfaction," but they must satisfy in substance the 
demands of the law — be first liens on lands worth at least fifty per cent, 
more than the mortgages. Parties under such organizations are shielded 
from all personal liability, They may incur liabilities without limit, and 



452 APPENDIX. 

hazard nothing in the experiment but the assets put in the Company. 
Those assets should substantially meet the requirements of the law, or 
the Company should be dissolved. 

I think it is enough, however, to prevent a dissolution within the spirit 
of the act, if the assets are sufficient at' the time of the hearing before 
the referee, instead of the time when the application was presented. 
The object is, security to the creditors of the Company, not its punish- 
ment for past offences. The literal language of the act allows the con- 
struction claimed by the appellant — that the referee is "to inquire into 
and report upon the facts stated therein;" that is in the "application" of 
the Attorney General. But the prior part of the same section says, in case 
it shall appear "that the assets of said Company are not sufficient," &c, 
it shall be dissolved, and in another part the Comptroller, though he finds 
the assets deficient, may require the deficiency to be supplied within a 
given time, or other consequences will follow. These provisions, in con- 
nection with the general policy of the law, indicate that the safety of 
the creditors, though secured at the time of the hearing, was all that 
was desired. Tested by these rules, how stood the Company at the 
hearing ? 

The referee finds, in general terms, that in his " opinion the aggregate 
amount of the mortgages, to wit., $169,000, is secured upon property 
of sufficient value to make such mortgages, in the aggregate, ample 
security for at least the amount of the capital stock of the Company." 
"By this is not meant that each mortgage is upon property of sufficient 
value to constitute it in itself a valid security for the whole amount of 
such mortgage." That in some instances it is worth much more, and in 
others much less than the mortgage, That in cases where the land is 
worth less, he has only allowed the mortgage to the value of the land. 
He estimates the aggregate value of the property covered by the An- 
drews mortgages, put in and received at $46,000, at "not to exceed 
$27,000." This includes a mortgage for $600 upon property held ad- 
versely to the mortgage and the title to which is in dispute, and the 
referee does not decide as to its validity. 

By the Cutler mortgages put in and taken by the Company at $38,350, 
at not to exceed $30,000. Of these he says, mortgages to the amount of 
$15,525 are each upon property of much greater value than the mort- 
gages respectively. But two of these, amounting to $6,250, are subject 
to prior incumbrances, though he sayg the property was proved " to be 
worth more than double the amount of the prior incumbrance added to 
the Company's mortgage." 

By the Buck mortgages, irrespective of those upon the 10,808 acres 
of wild land, not to exceed $28,000. But I have already shown that the 
Company had no pretence of title to any of the Buck mortgages, except 
the three mortgages severally given by Weed, Sherman and Witherell, for 
$13,100, Nos. 12, 13 and 14. No. 12 given for $11,500, which, from the 
average of the evidence, is not worth a third of its face, but is secured 
by a collateral mortgage for $4,000 ; and No. 13 for $1,000, and No. 14 
for $600. These, then, are all the assets of this Company; mortgages on 
lands worth in the aggregate $67,000, assuming the three Buck mortga- 
ges to be worth $10,000, as follows : Andrews, $27,000 ; Cutler, $30,000 ; 
Buck, $10,000. These are all the assets of a Company that should have 
a capital of $100,000 in money, or if in bonds and mortgages, they should 
be upon real estate worth $150,000. 

Mortgages were taken away from the Company, and returned, or 
others substituted, without any authority from the directors. 



APPENDIX. 453 

This is a fitting illustration of. the mode of doing business by a Com- 
pany without bona fide directors, such as the Statute contemplates and 
requires. 

But waiving this question of title, assume that the Company owns 
all of the Buck mortgages, the referee then finds in addition that the 
Essex wild lands, ten thousand eight hundred and eight acres, mortgaged 
to the Company, were worth from the average estimate of the witnesses, 
$40,000, making the gross amount in value of the lands mortgaged to 
the Company, $125,000. These are the same mortgages, it is claimed, 
which constituted the capital stock of the Company. 

Upon the finding of the referee, therefore, upon the bonds and mort- 
gages alone, and I may add, on the most favorable view for the Com- 
pany, the lands mortgaged are deficient in the sum of $25,000. 

But it is no safe or reliable rule for a referee simply to " take something 
like an average of valuations given by the respective witnesses," as he 
says he did. He should look at facts ; important, controlling facts they 
are in this case. These ten thousand acres of wild lands were purchased 
b}' Mr. Buck, as he testifies, at auction, at tax sales, at 2s. per acre on an 
average. (He bought most of his other mortgaged lands at tax sales.) 

They are claimed to be valuable, chiefly for their timber, and have 
been lumbered upon since their purchase. 

It would seem that the former owners could do no better with them than 
allow them to be sold at this average price. Is there the slightest pre- 
tence that they would sell now in market for more than their original 
cost? 

Why should they bring more ? The lumber having been cut off to 
some extent, they have become less valuable since their purchase. 
Could a sane capitalist in the State be found who would loan $5,000 on 
these eight thousand acres of wild lands ? I do not believe it ; nor do I 
believe that they would now bring more than their original cost, if put 
into the market; not a single fact or reason can be given why they should. 

It is worse than idle, then, in my judgment, to speak of them as worth 
$40,000. Many, if not most of the other Buck mortgages, will bear but 
little better scrutiny. When persons differ so much in their estimate of 
the value of lands, it is well to inquire as to the price they brought on 
the last sale in public open market. It is also clear to my mind that 
the property in the Cutler and in the Andrews mortgages has been over- 
estimated by the referee. He seems to have lost sight of the old maxim, 
that witnesses should be weighed, not numbered. This Company adver- 
tised in the public papers that their securities were upon lands in Alba- 
ny, Rensselaer and Saratoga. They said nothing of any lands in Essex 
county. They did not alarm the public as to their solvency, by saying 
that a large proportion of their securities were upon wild lands in that 
county, which the owners had allowed to be sold for the taxes upon them. 

But it is urged and so reported by the referee, that the Company has 
$10,000 in cash, of assets, in addition to its bonds and mortgages. The 
evidence warrants no such conclusion. There is no pretence that it was 
paid in by either of the parties upon their subscriptions for stock; neither 
of the persons said to have paid it would swear it was so paid, nor did 
the Secretary pretend it was so paid. It is entirely clear it was not so 
paid. It was not a gift to the Company ; no witness has pretended or 
intimated it was a gift. It was then no part of the capital ; it was not 
a gift ; it was not paid on any demand claimed by the Company ; but it 
clearly was a simple loan to the Company ; under the proof it could be 
nothing else. It was simply an advance to the corporation, "to be made 



454 APPENDIX. 

good out of the incoming business of the company," to use the language 
of Mr. Andrews, one of the parties advancing ; without owing the Com- 
pany anything, they let it have some money. 

The law implies a promise to repay it. In the report by the Company 
made to the Superintendent soon after its organization, and sworn to 
by its Secretary (Mr. Kennedy), and by its President, no allusion is 
made to any cash assets. The assets consist by that report, of bonds 
and mortgages only. 

This fund, then, forms no security whatever to the creditors of this 
institution. If paid back or withdrawn, neither the Company or its 
creditors have any right or remedy in regard to it. It is mere delusion 
to call such money assets of the Company. Should the Company fail, 
this money would of course never be found by its creditors. 

Again, when we look for this money, like the mortgages, it is largely 
deficient. Andrews, their Secretary, testifies how it was paid in. He 
says "it reached the Company by being placed part of it to the credit of 
the Treasurer. $6,190 odd dollars were deposited in the Bank of Troy 
to the credit of the Company, John Cutler, Treasurer. The balance 
consisted of notes left with the bank for collection, the proceeds of 
which were placed to the credit of the Company when collected. All 
of the paper is not due yet ; cannot state what portion is collected." 

This testimony was given on the 11th of May, 1860. Some of the 
•notes therefore must have had more than four months to run when this 
Company was organized — if they then had any existence. As to their 
value there is no evidence. It is entirely clear, then, to my mind, that 
the assets of this Company, either at its organization or at the hearing 
before the referee, were entirely insufficient to justify its commencement 
or its continuance in business. At no time has its capital been paid in, 
either in cash or in bonds and mortgages, substantially of the character 
required by law. It has never been so certified by the Commissioners 
appointed by the Comptroller. It has not been so found by the referee. 
His findings, erroneous as they are in some most important particulars, 
leave a large deficiency. It seems to have no substantial bona fide direc- 
tory as required by law; but its business is conducted in a loose, irre- 
sponsible and unsatisfactory manner. It has actually lost, by the very 
favorable finding of the referee, as to value in its two purchases of bonds 
and mortgages of Andrews and Cutler, $26,850, having taken them at 
884,350, when their value is found to be only 857.000, and that estimate 
in my opinion is far above their real value. 

Its securities seem to be withdrawn and to be changed at the pleasure 
of those who assigned them. There is no entry whatever on its books as 
to this $10,000 alleged to have been advanced to the Company. Who 
its stockholders are is not known. If the requirements of the law are 
not to be regarded as a farce, this Company should be dissolved because 
of the insufficiency of its assets, and because ''the interests of the pub- 
lic so require". 

Hogeboom, J., concurred on the result. 

Gould, J., dissented. 

Gould, J., dissenting. The whole proceeding in this matter avowedly 
proceeds under section 24 of chapter 466 of the Laws of 1853, and 
refers solely to the question whether the assets of the Company are suf- 
ficient to justify its continuance ; and a dissolution of the Company 
(under that section, and of course in the proceeding before us) can be 
had only upon a finding of fact that the assets are, at the time of the hear- 



APPENDIX. 455 

ing, so insufficient that the interest of the public requires its dissolution. 

By proceeding under this section, the people of the State concede that 
the Company is a corporation de facto ; and in this proceeding they can 
take no other ground. If they were desirous of attacking the formation 
of the Company for an}'- cause, whether for irregularity or an intentional 
non-compliance with the law, in the procuring of the charter, or in organ- 
izing under it, they are like any other party, held to proceed directly and 
avowedly upon such a ground, and in the manner which the law has well 
settled therefor. 

We have not before us the question whether the Comptroller did his 
duty, or his agents did theirs ; or whether the people can go behind the 
acts of their own authorized agents, unless on a charge of collusion 
between those agents and the other party. 

That such is the undoubted law, there can be no question, and the 
"interest of the public " means the "interest of the people" who are 
the prosecutors of this proceeding, and who, as & party to the transac- 
tion, are before us bound to treat as a corporation, a defending party, 
against whom, unless it be a corporation, the whole form and manner of 
proceeding are the merest absurdity. 

And as the proceeding is merely to keep those who do or may insure 
with the Company secure, it is perfectly manifest that the whole intent of 
the law is fully satisfied, provided at the time of the hearing the pro- 
perty of the Company is sufficient to comply with the law and to secure 
those who may so insure. Nor is it of any moment to this issue in what 
(legal) way the property of the Company was acquired by it, the point 
being, has the Company the property available for the proper purposes ? 

In the case before us I am unable to see that any one of the principal 
stockholders, having placed under the control of the Company the mort- 
gages on his property, for the avowed purpose of making good the assets 
of the Cempany, and thus securing to himself the validity and the value 
of his own stock, is at liberty, even hereafter, to question the right of 
the Company to have, hold and use these mortgages for any purpose for 
which it might use any other property. In the first place, there is suf- 
ficient consideration moving to the mortgages in the direct benefit to 
their stock ; and in the second, were there no consideration, they would 
be (both as to the Company and its dealers) estopped from questioning 
the title to that upon the faith of which both parties had done business. 
Nor is it of any moment, to the question of consideration, what amount 
of stock (more or less) was or is owned by either of the mortgagors. 
For it is not the quantum of the consideration that makes the transac- 
tion valid, but the fact that there is a consideration. They may, so far 
as the public are concerned on this issue, be left to settle among them- 
selves their respective amounts of stock. Are then the securities they 
produced before the referee sufficient for the purposes required ? It is 
entirely plain that fair minds may differ on the conclusions to be drawn 
from the same evidence. An unexceptionable referee, who saw and 
heard the witnesses, has stated that in his opinion they are so sufficient ; 
and such a referee is the precise tribunal which the act itself has pre- 
scribed to pass on this very question. Further, on a full hearing of this 
case, and on careful deliberation, the order of the Special Term has con- 
curred with the referee as to the question of fact. After this it would 
hardly seem that the people had made out such a case as calls on us for 
the exercise of so stringent and (as to the business of these stockhold- 
ers) so final a course of summary proceeding, as to take out of the Com- 
pany's hands its property, and wind up its business in the abrupt #nd 



456 APPENDIX. 

sacrificing mode proposed. Any one who is at all conversant with the 
course of tax sales in this State, must be well aware that such sales are 
no criterion of value, and that many persons have made large fortunes 
by purchasing at such sales. The value of such lands is matter of 
proof as that of any other land. 

Were we to make the law, we might think it best not to allow pay- 
ment for stock to be made in or by mortgages ; but the Legislature has 
allowed this course of business, and it is for us a proper and sufficient 
payment. 

There certainly appears in this case to have been on the part of the 
Company and its stockholders, every intention to make their capital good, 
to the utmost extent of any requirement that the department might make 
on them to do so. They themselves asked the investigation, with the 
offer (preliminary) to make good any deficiency, avowing their desire to 
be certainly and clearly a good and responsible Company to every one's 
knowledge. And it will hardly do to presume against a party taking 
such a course, in the first place fraud and then collusion with the people's 
officers and agents. 

I am disposed to concur with the referee and the Special Term, and to 
affirm the order of the latter. 

If there be reasons for any other or different proceedings, it will be 
time enough to consider that when it comes before us. 



At a General Term of the Supreme Court of the State of New York, 
held for the Third Judicial District of said State, at the Capitol, in 
the city of Albany, on the 12th day of December, 1861. Present, 
Hon. George Gould, Hon. Henry Hogeboom, Hon. Rufus W. Peckham, 
Justices. 



In the Matter of the World' 
Safe Insurance Company 



3 



The appeal from the order made at Special Term in this matter, having 
been argued by Mr. Henry Smith, of counsel on the part of the Attorney 
General, and Mr. William A. Beach, as counsel On behalf of the Com- 
pany, and due deliberation having been had thereon. It is ordered that 
the said order appealed from be and the same is hereby in all things 
reversed ; and it is further ordered that the said World's Safe Insurance 
Company be and the same is hereby dissolved. 



APPENDIX. 457 



CHARTER OAK FIRE AND MARINE INSURANCE 

COMPANY. 



[Located in Hartford, Conn. ; organized July, 1856.] 
JOSEPH H. SPRAGUE, President. JULIUS M. SEXTON, Secretary. 

I. CAPITAL. 

The amount of Capital Stock of the company is $300, 000 00 



II. ASSETS. 

Amount of loans on Bond and Mortgage, first liens $29,363 00 

Amount of loans on Bond and Mortgage, not first liens. . . 1,460 00 
Interest accrued, but not due, on said Mortgages. ....... 501 00 

Amount of insurance on buildings conveyed by said Mort- 
gages, held by the company as collateral, is $11,350. 
The company's valuation of the property covered by said 

Mortgages is $161,750. 
Amount of cash on hand in the company's office, $2 , 914 34 
Amount deposited in the Exchange Bank. . . . 36,397 97 

Amount deposited in other banks 1,448 82 

Amount of cash in the hands of agents received 

for premiums this year , 17,375 24 



Aggregate amount of Cash Items 58, 136 37 

Amount of Stocks of the State of New York and the United 
States, and of all other stocks and bonds absolutely owned 
by the Company ;— 

Par value. Market value. 

5 United States Treasury Notes $5, 000 00 $5, 000 00 

130 shares, $100 each, of iEtna Bank stock, Hart- 
ford 13,000 00 

57 shares, $100 each, of City Bank stock, Hart- 
ford 

100 shares, $50 each, of County Bank stock, Hart- 
ford 

205 shares, $50 each, of Exchange Bank stock, 

Hartford 

200 shares, $100 each, of Mercantile Bank stock, 

Hartford 

121 shares, $100 each, of Merchants' and Manu- 
facturer's Bank stock, Hartford 

11 shares, $100 each, of Phoenix Bank stock, 

Hartford 

5 shares, $100 each, of State Bank stock, Hart- 
ford 

2 shares, $100 each, of Charter Oak Bank st'k, 

Hartford > 

9 shares, $100 each, of Stafford Bank stock, 

Stafford, Ct 

165 shares, $12 50-100 each, of Mechanics' Bank- 
ing Association, New York 

100 shares, $50 each, of Ocean Bank stock, New 

York 

20 shares, $100 each, of State Bank stock, Mil- 

waukie, Wis 

13 shares, $1.00 each, of Hartford & New Haven 



R. R. Co. stock 



13,000 00 


13,000 00 


5,700 00 


5,985 00 


5,000 00 


4,400 00 


10,250 00 


9,635 00 


20,000 00 


18,000 00 


12,100 00 


11,495 00 


1,100 00 


1,034 00 


500 00 


575 00 


200 00 


200 00 


900 00 


936 00 


2,062 50 


1,815 00 


5,000 00 


4,000 00 


2,000 00 


2,200 00 


1,300 00 


1,820 00 



458 APPENDIX. 

Par value. Market value. 
10 bonds, $1,000 each, of Michigan Central R. 

R. Co. stock, 8 per cent $10,000 00 $9,600 00 

10 bonds, $1,000 each, of Chicago, Burlington 

andQuincyR. R. Co. stock, 8 per cent 10,000 00 9,400 00 

35 bonds, $1,000 each, of Indiana Central R. R. 

Co. stock, 7 and 10 per cent 35,000 00 33,250 00 

$139,112 50 $132,345 00 



Total par value $139,112 50 

Total market value $132,345 00 

Amount of Stocks, bonds and all other securities (except 
Mortgages) held by the company as security for Cash actu- 
ally loaned by the company : — 

Par Market Amount 
value. value. loaned. 
5 shares iEtna Bank stock, Hart- 
ford $500 00 $500 00 $75 00 

18 shares County Bank st'k, Hart- 
ford 900 00 792 00 900 00 

20 shares County Bank st'k, Hart- 
ford 1,000 00 880 00 1,000 00 

22 shares County Bank st'k, Hart- 
ford 1,100 00 968 00 900 00 

10 shares Mercantile Bank stock, 

Hartford 1,000 00 900 00 900 00 

50 shares Mercantile Bank stock, 

Hartford 5,000 00 4,500 00 ) 

15 shares Merchants' and Manu- > 6,000 00 

facturers B'k stock, Hartford, 1,500 00 1,425 00 J 

10 shares Phoenix B'k st'k, Hart- 
ford 1,000 00 940 00) 

10 shares County Bank st'k, Hart- > 1,400 00 

ford 500 00 440 00 ) 

10 shares Mercantile Bank stock, 

Hartford 1,000 00 900 00 1,000 00 

11 shares Mercantile Bank stock, 

Hartford 1,100 00 990 00 1,100 00 

14 shares Mercantile Bank stock, 

Hartford 1,400 00 1,260 00 1,400 00 

10 shares Mercantile Bank stock, 

Hartford 1,000 00 900 00 900 00 

10 shares Mercantile Bank stock, 

Hartford 1,000 00 900 00 900 00 

9 shares Charter Oak Bank stock, 

Hartford 900 00 900 00 810 00 

5 shares State Bank stock, Hart- 
ford 500 00 575 00 ) 

6 shares Charter Oak Bank stock, V 1,000 00 
Hartford 600 00 600 00 ) 

10 shares Charter Oak Bank stock, 

Hartford 1,000 00 1,000 00 1,000 00 

11 shares Charter Oak Bank stock, 

Hartford 1,100 00 1,100 00 1,080 00 

30 shares Charter Oak Fire and 

Marine Ins. Co. st'k, Hartford, 3,000 00 2,250 00) 

and note fully secured by mort- >- 1,350 00 

gage of real estate 1,572 00 1,572 00 ) 

10 shares Farmers' & Mechanics' 

Bank stock, Hartford 1,000 00 1,050 00 600 00 

17 shares Hartford Bank stock, 

Hartford 1,700 00 2,380 00 2,300 00 

5 shares Charter Oak Fire and 

Marine Ins. Co. st'k, Hartford, 500 00 375 00 350 00 

6 shares City Bank stock, Hart- 
ford 600 00 630 00) 

19 shares Connecticut River Rail- 5- 1,800 00 
road Co. stock 1,900 00 l,42o00) 



APPENDIX, 



459 



Par 
value. 
5 shares Hartford & New Haven 

Railroad Co. stock $500 00 

5 shares Exchange Bank stock, 
Hartford 250 00 

6 bonds Indiana Central Railroad 
Company 6,000 00 

95 shares Indianapolis & Cincinna- 
ti R. R. Co. stock - 4,7.50 00 

100 shares Charter Oak Fire & Ma- 
rine Ins. Co. stock 10,000 00 

3 bonds Indianapolis & Cincinnati 

R. R. Co. stock 3,000 00 

100 shares Hartford Coal Co. stock, 5,000 00 
50 shares Charter Oak Fire & Ma- 
rine Ins. Co. stock 5,000 00 

2 bonds Indiana Cent. R. R. Co. 

stock, $1,000— $500 1,500 00 

6 shares State Bank stock, Hart- 
ford 600 00 

7 shares Hartford & New Haven 

R. R. Co. stock 700 00 

1 bond Junction R. R. Co. stock, 1,000 00 
1 bond Terre Haute & Alton R. 

R. Co. stock 1,000 00 

20 shares Hartford Carpet Co. st'k, 2,000 00 
113 shares Charter Oak Fire and 

Marine Ins. Co. stock 11,300 00 

and second mortgage on build- 
ing lots on Farmington avenue, 
Hartford, Conn., with costly 
dwelling house thereon; value 
of property $25,000 ; prior lien 

$6,500 

100 shares Bank of the Ohio Valley, 

Cincinnati, Ohio, stock 5,000 00 

6 shares Boston Gas Light Co. 

stock 3, 000 00 

20 shares County Bank, Hartford, 

Ct., stock 1,000 00 

Syracuse Coal Co. stock 1,000 00 



Market 
value. 

$700 00 

235 00] 

5,700 00 

2,375 00 

7,500 00 

2,700 00 
3,000 00 

3,750 00 

1,425 001 

690 00 

980 00 
800 00 

400 00 
2,100 00 

8,475 00 



25,000 00 J 

5,500 00 

4,200 00" 

880 00 
800 00 



Amount 
loaned. 

$500 00 



11,000 00 

2,400 00 
4,550 00 

3,534 00 

900 00 

6,900 00 

5,000 00 

4,000 00 

684 79 



$94,972 00 $107,362 00 $66,233 79 



Total amount of par value .. $94,972 00 

Total amount of market value 107,362 00 

Total amount loaned thereon 

Amount of all other loans made by the company 

Amount due the company upon which judgment has been 
obtained 

Interest (except on mortgages) accrued but not due 

Amount of all other property belonging to the company, 



Total amount of all the Assets of the company. 
Deduct for bad debts and securities , 



$66,233 19 
8,311 35 

944 00 

2,921 00 

531 12 

$300,812 63 
500 00 



Aggregate amount of actual available Assets $300,312 63 



III. LIABILITIES. 

Amount of losses adjusted, but not due $2,250 00 

Amount of losses unadjusted ) ,„ qa qq 

Amount of claims for losses resisted, 



;;*;;;} 13, 



Total amount of losses unpaid $16,150 00 



460 - APPENDIX. 

Premiums received on unexpired risks $92,149 13 

Amount of unearned premium on the above, 

at an average of fifty per cent 46, 014 56 

Amount required to safely re-insure all outstanding risks, 

estimated by the President and Secretary $32,286 55 



Aggregate amount of all unpaid losses, claims and 

Liabilities (except capital stock) $48,436 55 



IV. INCOME. 



Gross amount of cash premiums received on 

Fire risks during the year $91 , 788 33 

Deduct amount paid for return premiums, 

drawbacks and re-insurance 6, 399 15 



Amount of net cash premium income actually received dur- 
ing the year on Fire risks $85 ,389 68 

Amount of interest received from all sources. 12, 725 11 



Aggregate amount of Income received during the year, $98,114 79 



V. EXPENDITURES. 

Aggregate amount paid for Fire losses during the year. . $106,401 82 
Amount paid to agents and persons other than officers of 

the company, for commissions on premiums 8,284 61 

Amount of all other payments and expenditures 16,017 33 

Aggregate amount of Expenditures during the year.. $130,703 76 



Aggregate amount of Fire risks in force December 31st, 
1861 :— 

Risks having less than one year to run $7,400,644 00 

Risks having more than one and less than three years to 

run 677,432 00 



Aggregate : . . $8,078,076 00 

Net amount of Fire risks written during the year 8,158,007 00 



Letter of the Superintendent to the President of the Charter Oak Fire and 
Marine Insurance Company. 

STATE OF NEW YORK, 1 
Insurance Deparment, Albany, February 3, 1862. j 
J. H. Sprague, Esq., 

President Charter Oak Fire and Marine Insurance Co., Hartford, Conn. 

Dear Sir — Your two letters of the 23d and 24th ult., and also a State- 
ment of your affairs were duly received. 

When a company from a sister State fails to make its Annual State- 
ment, as required by our statute, and no Certificates of agency are 
issued to the Company during the year, the Company, if it desires to 
renew its admission into this State, must proceed, de novo, and these 
proceedings can be initiated at any time during the year as well as in 



APPENDIX. 461 

the month of January. After your failure to report last year, your con- 
dition with respect to this State is the same as any other Company 
desiring admission here. I have adopted the practice on the admission 
of a Company into this State to examine its assets and condition, per- 
sonally or by an agent after the filing of the Statement upon which ad- 
mission is asked ; but I feel compelled to rule that your Statement is not 
sufficient on its face to entitle your Company to admission. 

Your gross assets are $300,312.63, and your liabilities $48,436.55, 
leaving your net assets only $251,876.08, although your Capital is 
$300,000. 

A deficiency amounting to over $60,000 would impair your capital 
over twenty per cent., which, as you are aware, would exclude you from 
this State. 

Among your assets I find : — 

Second mortgage liens. $1,460 00 

Kailroad stocks owned by Company 1,820 00 

Loans on railroad stocks 2,300 00 

Loans on Company's own stock, &c 24,150 00 

Loans on Carpet and Coal Company's stock 1,584 79 

Other loans (personal security) 8,371 35 

Aggregate " $39,686 14 

Excluding these securities would reduce your net assets to $212,- 
189.94. 

I wish to be more liberal this year in the admission of companies 
than at any other time, on account of the national difficulties which press 
on us all so heavily at this period of our nations' trial ; but your condi- 
tion, I wish to say, in all kindness, should be much improved. I fear 
that your connection with your stockholders, as to the full and uncondi- 
tional payment of their Capital Stock is yet somewhat complicated, and 
that you have been forced to take securities from them, such as you 
would not have selected if they had fully and^ fairly paid up their stock 
subscriptions in cash, leaving the officers perfectly free to make the best 
and safest investments in their power. 

If at any future time you should see fit to make an application for 
admission into this State (which can be done at any time), I will be 
happy when you are able to make a more satisfactory Statement, to ex- 
amine your affairs personally, or by an agent at your home office. 

Please forward $20, the fee for filing your Statement in this Depart- 
ment. Very respectfully, 

WILLIAM BARNES, Superintendent. 



Letter of the President of the Company to the Superintendent. 

Charter Oak Fire and Marine Insurance Company, } 
Office at No. 1 Central Row. ) 

City of Hartford, Conn., February 20, 1862. 
William Barnes, Esq., Superintendent, Albany, N. Y.: 

Dear Sir — Your letter of February 3d is received, and we enclose 
the $20, although we know no authority for the charge. As the State- 
ment is not accepted, will you oblige us by returning it ? 

You object to certain investments of ours. As these are quoted at 
market value, we are at a loss to understand how you can object to 
them unless you assume to regulate the investments of foreign compa- 



462 / APPENDIX. . 

nies, which you have heretofore disavowed any intention of doing. The 
railroad stock objected to is the Hartford and New Haven, worth forty 
per cent, premium, the best railroad stock in the United States. The 
loans on Company's own stock, " &c," may be $24,000, but leaving out 
the " &c," we think they are not more than half that sum. We have 
yet to learn, however, that this is not as legitimate a security as any. 
The Carpet stock loan is the best secured loan in the office. It is a 
security that any bank (discount or savings) in this city, will loan on, 
and is better stock than any bank stock in New England. 

Your fears in regard to the security of our loans are not indulged by 
our Directors and furnish evidence of a preconceived prejudice, which 
the revengeful " whirligig of time" will some day remove. 
Very respectfully, 

J. H. SPRAGUE, President. 



HAMILTON MUTUAL INSURANCE COMPANY, OF 

SALEM, MASS. 

Extract from the Seventh Annual Report of the Insurance Commissioners of the Common- 
wealth of Massachusetts, dated January 3, 1862, relating to the affairs of said Company. 

The Hamilton Mutual Insurance Company of Salem was in somewhat 
different circumstances, and its history and fate should be a warning to 
all members of Mutual Fire Insurance Companies to look into their 
affairs themselves and not trust to officers, Directors, Ag-ejits, or even 
the Insurance Commissioners. The doings of that Company were a 
mystery to us for three years. It seemed to have identified itself with 
the history of the bar of this Commonwealth, having furnished far more 
than its share of the knottiest cases. It was also familiarly known in 
the courts of other States. Its zeal in resisting claims that were 
apparently fraudulent was certainly commendable. But why was it 
persecuted with so many such ? On one side it seemed to be the favo- 
rite prey of rogues who were never discouraged in pursuing it, how- 
ever small their success. On the other side, it almost as frequently 
retreated behind clouds of verbiage in the policy, and defied honest 
claimants who had not lived up to conditions of which they had not 
suspected the existence, who^ in short, had neglected to read the policy, 
which would have informed them that though they had paid the pre- 
mium it was not their property, but some imaginary possession that was 
insured The same armor which thus shielded it against honest clai- 
mants was good against roguish ones too dull to discover it. Thus it 
could take all sorts of risks at all sorts of premiums. We were unwil- 
ling to believe at first that it purposely and extensively practised such 
a game as this. It had a fair show of cash assets to meet losses, and 
in two of its four classes the losses which wore very moderate were 
promptly settled without litigation. These classes consisted chiefly of 
the less hazardous risks in the vicinity of the office. The classes in 
which the litigation has become so notorious were mostly filled with risks 
picked up in other States, or by itinerant agencies in this. The current 
accounts of these classes seemed to be kept distinctly, and though it did 
not clearly appear to us in what proportions the cash assets belonged 



APPENDIX. 463 

to each of them, neither class seemed destitute of funds, and no suspi- 
cion of insolvency arose till last July, when a payment which had been 
twice voted by the Directors seemed unreasonably delayed. On looking 
at the history of the company as it appears in the reports of this Com- 
mission for the last five years, we found the following singular state of 
facts and figures : 

On the 1st November, 1856, the cash assets returned were as follows : — 

Railroad stocks and bonds $15,876 08 

Mortgage on real estate 2,000 00 

Cash in bank ; 3,940 53 

Cash in hands of agents 13,730 83 

Total Assets $35,547 44 

Add to this cash for premiums received in the next four years, ending Nov. 1, 1860 99,452 18 

Cash received for interest to that date 1,569 00 

Money borrowed 5,467 00 

Total cash resources '. $142,035 62 

Deduct losses paid in four years $75,196 10 

Expenses, &c 32,000 35 

Cash dividends 6,867 45 

Depreciation of the above stocks and bonds still held 4,681 08 

$118,744 98 

Balance in 1860 $23,290 64 



As no considerable receipt of cash could have been omitted, it was 
difficult to see how the company, which could have made nothing by 
banking or speculating in stocks or real estate, should show, in 1860, 
cash assets larger than this balance. It did however (Sixth Annual 
Report; page 127), show assets as follows : 

E,ailroad stocks and bonds . *..... $11,195 00 

Mortgages of real estate 9,946 00 

Notes secured by personal and collateral security 2,083 21 

Personal property 700 00 

Cash on hand 1,940 37 

Due from agents • 5,168 00 

Total $31,032 58 



Here was an overplus of assets of $7,742.12. In other words, the 
company seemed to have paid within that four years nearly $8,000 more 
than it had had means to pay with. This set us upon examining more 
closely whether assets, which were to such an extent, unaccountable, 
could be real. We found, by an examination of the 2d of July, 1861, 
that the nominal amount of assets on the 1st November previous had 
been as returned, but had been reduced by subsequent transactions to 
$26,277.66. These assets, counting them good, were not sufficient to 
meet the claims for losses and reinsure the balance of the risks, suppos- 
ing it to cost fifty per cent, of the cash premium originally received on 
them, by $10,471.74. But the railroad stocks were pledged for $6,028 
of borrowed money, leaving available only $4,327. The mortgages on 
real estate had been represented to us as being given on property worth 
nearly double their amount, the title of which in every case had been 
examined by two highly respectable lawyers of Boston, and pronounced 
by them beyond question. It appeared, however, on further investiga- 
tion, that they had, all but the smallest of less than $500, been given 
by two Boston agents to settle arrearages of account ; that one of 
$4,322.56 was on an undivided third of a lot of land which might have 






464 APPENDIX. 

belonged to the wife of one of these agents, if it had not long ago been 
in possession of another party, who had sold it to the city of Cambridge 
as the site of one of its magnificent school houses, on a title which the 
Supreme Court, when appealed to, pronounced perfectly valid. Another 
mortgage of $2,100 was on a house and lot worth not more than SI, 600; 
and another of §2,000 was on an undivided third of an estate taxed for 
$6,000. We could not consider the mortgages in the aggregate worth 
more than $3,500. The other assets, being chiefly notes and accounts 
of agents, did not seem likely to yield more than $3,000 in cash, and 
the less likely the longer the collection should be delayed. The net 
assets having thus dwindled to $10,827, while the losses claimed were 
$11,530, besides a dubious amount for expenses of litigation, the pro- 
priety of closing the company seemed no longer doubtful, and our peti- 
tion to that effect was not resisted. We had, therefore, no occasion to 
solve the mystery of the apparent excess of payments over the means 
of payment. Whether the cash book would have verified or falsified 
the returns in our office is as much a problem to us as ever. Whether 
proper vouchers could have been produced for all these reported pay- 
ments we do not know, but we know tlie secretary and clerk confessed 
they could not do it ; that the president usually settled the losses him- 
self, and such sums as he reported paid were placed on the books and 
voted by the directors. The president was in fact the company ; the 
knowledge of its business was confined to his brains, and the minutes 
of the directors' meetings were carried in his pocket till such time as he 
saw fit to have them engrossed by the secretary. Mutual Insurance 
companies must, of course, be worse than a farce when the members 
and directors allow a single officer such irresponsible control ; when 
they have no means of knowing whether he pays what he professes to 
pay, or frightens the claimants to take less, and then credits himself 
on the books with having paid the whole. We do not say that the pre- 
sident of the Hamilton took a single dollar to himself which was due 
to, and reported as paid, to claimants, but under the system of accounts 
pursued in the office we think he might have done so without much 
danger of discovery. He, or the agent who made the company so con- 
fiding a mortgagee, certainly sanctioned advertisements to the public in 
which the word " mutual" was dropped out of the name of the company, 
and it was stated to have a "capital" of "$200,000," or sometimes 
"$300,000." Such an instance has cost the public already too much not 
to be thoroughly used as a warning for the future. 



STATE FIRE INSURANCE COMPANY, OF NEW 
HAVEN, CONN. 

Extract from the Seventh Annual Report of the Insurance Commissioners of the Common- 
wealth of Massachusetts, dated January 30, 1862, relating to the affairs of said Company. 

The State Fire Insurance Company, of New Haven, Connecticut, has 
also ceased to do business in this or any other Commonwealth. The his- 
tory of this company affords mortifying proof that fair statements and 
high names cannot be relied on to secure honorable dealing in an insu- 
rance company, and has taught us never to take such evidence as con- 
clusive when a company applies for the privilege of doing business 



APPENDIX. 465 

under our laws. It entered Massachusetts by a deliberate fraud, which 
should subject to the penalties of criminal law every member of the 
corporation who participated in or connived at it. 

The charter of this company was granted by the legislature of Con- 
necticut, in 1855, to John B. Robertson, Benjamin Noyes, George D. 
English, Henry Peck, and other gentlemen of New Haven, but it was not 
organized for business for several years, and the first time we heard of 
it was on the 9th of April, 1860, when A. 0. Brewster, Esq., one of our 
predecessors in this office, left with us, on its behalf, all the papers 
which the law requires to entitle it to do business here, with the assur- 
ance that it had a capital of $200,000 paid in and well invested, that he 
had personally examined all the assets and found them reliable, and that 
the mortgages, of which it had $138,100, were on city property in New 
Haven and New York. Being fully satisfied that the company had 
more than the amount of funds required by law invested in the best of 
securities, we permitted its agents to issue policies. The statement 
filed in this office on the 9th April, 1860, was sworn to by the president 
of the company, John B. Robertson, and the secretary, G. Farnham 
Stevens, before a notary, and contained in answer to the interrogato- 
ries of Schedule A, the following, among other unqualified averments. 
That the amount of "capital actually paid in" was $200,000. That it 
had invested in ; — 

Market value. 

United States bonds $1,000 00 

State and city bonds 6,880 00 

Bank stocks 21,492 00 

liailroad bonds 40,590 00 

Railroad stocks 14,020 00 

Manufacturing and gas stocks 8,230 00 

Cash on hand 4,440 00 

Cash in hands of agents 4, 943 00 

Loaned on mortgage of real estate 138,1 00 00 

Loaned without collateral 8,980 00 

All other investments 2,120 00 

$250,795 00 

The losses unpaid, and all other claims against the company were 
stated at $20,033. The whole amount at risk was $3,322,648, on which 
the cash received had been $45,362.23. Allowing fifty per cent of this 
for re-insurance, the company had a surplus of $8,081. This solemnly 
attested statement was in itself sufficiently fair, and considering the 
high respectability of the list of officers inscribed on the back of the 
document, seemed even more than credible. This list is as follows : — 

JOHN B. ROBERTSON, President. 
G. FARNHAM STEVENS, Secretary. 

Directors. 
John B. Robertson, New Haven. Wm. B. Baldwin, New Haven. 
Lucius A. Thomas, do Eli Whitney, do 

N. D. Sperry, do Enos Foote, do 

Henry C. Kingsley, do A. D. Osborne, do 

C. M. Ingersoll, do Benjamin Noyes, do 

♦Geo. D. English, do Henry Peck, do 

James M. Townsend, do Philo Chatfield, do 

C. S. Bushnell, do Oliver Mitchell, Southbury. 

Henry Munson, do Henry I. Campbell, New York. 

Daniel Trowbridge, do Myron H. Clark, do 

30 



466 



APPENDIX. 



The annual statement of the company on the 1st November, I860, was 
to the same effect, and equally indicative of the soundness and prospe- 
rity of the company. On the faith of these statements it obtained a 
considerable business in this Commonwealth. They were substantially 
false, and the bubble suddenly collapsed in June, 1861, the secretary, 
Air. G. Farnham Stevens, unexpectedly disappearing from the scene of 
his labors, which fact became known here in something less than a 
month. The Directors were left, by that event,, in much greater per- 
plexity than astonishment, though they professed a larger share of the 
latter feeling. We felt bound, by the interests of our citizens as policy 
holders, and especially to those of them who had suffered losses, which, 
in several instances, would be ruinous to them if not paid, to lose no 
time in securing for them anything that could be saved by promptly 
urging their claims. On visiting the office in July we learned from the 
acting president and several of the directors, who gave us access to the 
books and such vonche:- :: assets &e vere on hand, that an extraordi- 
nary series :i losses in the State of New York had drawn heavi'; 
the company, and absorbed the most available of the assets. What 
was left we found consisted of the $138,100 of mortgages, nearly ail 
not on city property, but on twenty-four thousand acres of land lying 
in the mountainous wilderness of northern New York, of little other 
than historical value, as holding the body of that honored patriot 
whose soul is now marching on. and will triumph as soon as the present 
war ceases to be waged wrong end foremost, and some $30,000 of 
stockholders' notes, which the directors pretended had been secured by 
collaterals of stock, but only the absent secretary knew what had be- 
come of those collaterals, or indeed of other stocks and bonds which 
should have been on hand, if the statements filed in our office had ever 
been true. The blame of the unaccountable condition of the compaziT s 
assets was emphatically laid on the absconding secretary and two or 
three New York stockholders, who it seemed owned a majority of the 
stock. But as the notes were said to be good, and the highly respec- 
table directors promised to see to their immediate collection, to settle 
with the Massachusetts claimants promptly, to cancel outstanding poli- 
cies and give scrip for return premium which would be paid as soon as 
the affairs of the company could be wound up, we took their word for 
it, and in the card which we published, giving the results of our inquiry, 
awarded to the New Haven directors an innocence to which we found 
afterwards they had very little claim. The losses were : : -rttled ; on 
the contrary, letters were received by our claimants from persons em- 
ployed by New Haven stockholders who owed the company, telling them 
the concern was hopelessly bankrupt, and offering to pay one hundred 
dollars for a good claim of two thousand dollars, or at about that rate. 
Resolved fully to understand this new game, we visited New Haven 
again, and the, outside of the office, by inquiry of corporations whose 
stocks the State Fire Insurance Company had professed to own. we dis- 
covered what the directors had carefully concealed from us on the for- 
mer occasion, as well as from Mr. Brewster when he examined the office, 
and from the public at large, though it is hardly possible that any one 
of their own number could have been ignorant of it, that at least fifty 
thousand dollars of the stocks never belonged to the State Fire Insur- 
ance Company at all.* They were merely hired for a single year to 

* Certificates of most of these stocks were made directly to the company for the sake of 
appearances, but in some cases this precaution was neglected. And in one or two cases which 
arrested the attention of Mr. Brewster, the explanation was given that some gentlemen who 



APPENDIX. 467 

swear by ! During that year they were sworn by twice, at least, for 
the special satisfaction of the simple-hearted people of Massachusetts, 
and the use of them cost the company about two thousand dollars, or a 
thousand dollars for each oath. The lenders, who got four per cent for 
allowing their stocks to be so used for a single year, without any risk 
whatever, were told that they were wanted as a " temporary guarantee" 
or " preferred stock;" for the shrewdest financiers, in entering into little 
arrangements of this sort, need to be amused and quieted with some 
kind of euphemism. Before the 1st of April, 1861, every dollar of those 
that had most dazzled us among the sworn assets of the State Fire Insur- 
ance Company was safe home again where it belonged, having answered 
the. whole purpose for which it was hired. The company, without these 
fifty thousand dollars, might have gone on prosperously if it had had 
extraordinarily good luck. The painstaking directors were disappointed 
in this respect, and we think they richly deserved to be. 

Believing that if criminal law has any duty to perforin, it must be 
towards men who thus abuse chartered privileges and high position to 
attract business by perjured statements, we brought the matter before 
the Hon. E. K. Foster, State's Attorney for New Haven County, and 
urged such criminal prosecution of the officers as he might think the 
law and the evidence would warrant. He was clearly of opinion that 
the law had been violated, and that the evidence we produced showed 
good cause of action, but was doubtful whether a conviction could be 
obtained against any of the resident officers, as nobody could be made 
to believe they intended any wrong. Could Stevens be got hold of, it 
might be otherwise in his case. He was willing, however, to commence 
proceedings against John B. Robertson, after first letting him know 
what was about to be done, being confident that the directors, when they 
saw the nature of the case, would at once step forward, and, by way of 
vindicating their president's and their own innocence, settle, at least, 
all the Massachusetts claims. After waiting some six weeks and seeing 
no results we wrote to Mr. Foster to learn the progress of the matter, 
and received the following reply: — 

New Haven, November 15, 1861. 

Dear Sir — Yours of the 12th is before rue. I have not instituted proceedings against any 
one connected with the State Fire Insurance Company as yet, nor am I altogether satisfied 
that I can do so at any time successfully. There is enough, however, to justify action should 
it he thought advisable to proceed at any time. I have made the late officers aware of the 
fact that the matter has been placed in my hands, and they are quite disturbed at the fact. 
It is my full belief that if I had the claims they would make a satisfactory adjustment of 
them without much delay. I am, very respectfully, yours, 

E. K. FOSTER. 

Hon. Elizur Wright, Boston. 

It is not to be understood from this that Mr. Foster sought the busi- 
ness of collecting these claims, or was willing to use. his position as 
public prosecutor to serve such a purpose, but that it was his opinion 
that the directors were personally liable for claims arising from such 
false statements as had been filed in Massachusetts, and that they might 
be recovered of them by civil process. Still urging a criminal prosecu- 
tion against the president, we took measures to have the personal re- 
sponsibility of the directors tested by a civil suit, on which there is 
nothing yet to report. On a further examination of the criminal laws of 
Connecticut, Mr. Foster came to a conclusion which he thus states, in a 
note addressed to one of us: — 

were not quite ready to pay for their stock in cash had left these certificates with the company 
till they were so. 



468 APPENDIX. 

New Haven, December 9, 1861. 
Dear Sir — An examination of our law by no means satisfies me that I can successfully pro- 
secute the officers of the State Tire Insurance Company; and, indeed, it determines my mind 
quite otherwise except as to the Secretary, Farnhaui Stevens, who has gone to parts unknown. 
The reasons for this conclusion I will state to you the first time I meet you. 

Respectfully yours, E. K. FOSTER. 

On a subsequent interview with Mr. Foster, the reasons he stated did 
not seem to us materially different from those which have been above 
referred to. They arose rather from the practical difficulty of convincing 
a jury of fraudulent intention, than from any want of the evidence 
legally requisite to produce such a conviction. And we think we suc- 
ceeded in convincing him that as the president and secretary both swore 
the same oath, there could not well be law to punish the latter, which 
would not equally apply to the former. He promised to act on that 
theory. 

An apology may seem due from us for dwelling so long and earnestly 
on this matter, but we regard the case as vital to the system on which 
Massachusetts and all other civilized communities must rely for safety 
against swindling corporations. That is a system of annual statements 
for the guidance of the public. If the directors of corporations are not 
held personally liable to make such statements good, they can be of 
very little value. We are strongly of opinion that if there is not, in 
any State, law to that effect already, its legislature should lose no time 
in enacting a statute which shall make every director of a corporation 
personally liable to pay any claim which may arise against it through 
any false statement which any officer or authorized agent may swear to, 
or cause to be printed and published. Let us have only facts, and 
directors who know that their companies are operating only on facts. 

All of which is respectfully submitted. 

ELIZUE WRIGHT. 
GEO. W. SARGENT. 

Boston, January 30, 1862. 



NEW YORK BRANCH OF THE LIVERPOOL AND 
LONDON FIRE AND LIFE INS. COMPANY. 



[Located in Liverpool, England; organized 1836.] 
HENRY GRINNELL, Deputy Chairman. ALFRED PELL, Resident Secretary. 

I. ASSETS. 

Net value of Real Estate owned by the company $115,000 00 

Amount of loans on Bond and Mortgage (first liens) 647, 200 00 

Amount of interest due and unpaid on said Mortgages. . . 4,577 50 

Interest accrued, but not due, on said Mortgages 11,000 00 

Insurance on buildings conveyed by said Mortgages, held 

as collateral, is $425,500. 
The company's valuation of the property covered by said 

Mortgages is $1,300,000. 



APPENDIX. 469 

Amount deposited in the Phoenix Bank $3,560 57 

Amount deposited with Camman & Co., bankers, 

on call 49,000 00 

Amount of cash in the hands of agents, received 

for premiums this year 3*7 , 975 15 

Amount of cash due the company on demand, 57,937 20 



Aggregate amount of Cash Items $148 ,472 92 

Amount of stocks of the State of New York and the United 
States, and of all other stocks and bonds absolutely owned 
by the company : — 

Total par value $89,000 00 

Total market value 88, 025 00 

Amount of all other loans made by the company 7,000 00 

Interest (except on Mortgages) accrued but not due. . . . 2,500 00 

Amount of premiums due and unpaid 5, 616 97 

Amount due for rents 730 09 

Amount of all other property belonging to the company. . 23,430 61 



Aggregate amount of all the Assets of the company. . .$1,053,553 00 
Deduct for bad and doubtful debts 1 , 768 26 



Aggregate amount of all actual available Assets $1,051,784 74 



II. LIABILITIES. 

Amount of losses unadjusted. . . , $18, 640 00 



Total amount of losses unpaid $18,640 00 

Amount reclaimable by the insured on Perpetual Insurance 
Policies, being ninety-five per cent of premium or depo- 
sit received 78,429 69 

Premiums received on unexpired risks $500,000 00 

Amount of unearned premium on the above, 

at an average of fifty per cent 250, 000 00 

Amount required to safely re-insure all out-standing risks, 

estimated by the President and Secretary 200,000 00 

Amount of all other claims against the company 35,968 44 



Aggregate amount of all unpaid losses, claims and 

Liabilities (except capital stock) $333, 038 13 



III. INCOME. 

Amount of net cash premium income actually received 

during the year on Fire risks $541 ,207 24 

Amount received for interest on Bonds and Mortgages. . . 43,687 61 
Amount received for dividends and interest on stocks and 

bonds owned by the company 3,714 36 

Amount received for interest from all other sources 4,237 06 

Amount of rents received during the year 9,024 69 

Amount of income received from all other sources 31,894 68 



Aggregate amount of Income received during the year, $633,765 64 



470 APPENDIX. 



IV. EXPENDITURES. 

Aggregate amount paid for Fire losses during the year. . 8307,911 77 
Amount of cash dividends actually paid during the year in 

this country 2.473 50 

Amount paid to agents and persons other than officers of 

the company, for commissions on premiums 56, 957 47 

Amount paid to officers of the company for salaries, fees, 

and other perquisites 17,000 00 

Amount paid for salaries (excluding commissions) of agents, 

clerks and other employes 9, 346 50 

Amount paid for printing, advertising and agency expenses, 

other than those above mentioned 10.264 37 

Amount paid for taxes 31 ,850 67 

Amount of all other payments and expenditures 36,232 28 

Aggregate amount of Expenditures during the year. . $412,030 56 

V. MISCELLANEOUS. 

Amount of Fire risks in force December 31, 

1861, having less than one year to run. . $45,074,117 00 

Amount of Fire risks in force, having more 
than one and less than three vears to 
run ' 1,862,316 00 

Amount of Fire risks in force, having more 

than three years to run 75.575 00 

Aggregate amount of Fire risks in force Dec. 31st, 1861, S47.012.008 00 
Gross amount of risks written during the year 73,086,047 00 

Business in the State of New York: — 

Amount of Fire risks taken during the year 27,845.653 00 

Amount of Fire premiums received during the year 179,385 72 

Amount of Fire losses incurred during the year 92.440 93 

Taxes paid to various Fire Departments during the year, 5,374 04 



ROYAL INSURANCE COMPANY. 

{Annual Statement for the year ending December 31, 1861.) 



[Located in Liverpool, England; incorporated June 13, 1S45.] 
RALPH BEOCKLEBAXK. PERCY MATTHEW DOVE, 

Vice-chairman. Manager and Secretary. 

I. CAPITAL. 

£ s. d. 
The amount of capital stock of the company is one hun- 
dred thousand shares of £20 each £2,000,000 

The number of shares (par value £3 each) now outstand- 
ing is ninetv-four thousand three hundred and fiftv- 
five 280,065 



APPENDIX. 471 

£ s. d. 

The amount of unpaid subscribed capital for which the 

subscribers or holders are liable, is .£1,604,035. 
Five thousand six hundred and forty-five shares, of £20 

each, not allotted. 

II. ASSETS. 

Net value of Real Estate owned by the company 66,438 13 6 

Amount of loans on Bond and Mortgage (first liens). . . 4,010 8 2 
Interest accrued but not due on said mortgages, .£10 8 2 
Amount of insurance on buildings conveyed by said 

Mortgages, held by the company as collateral, £J1,100. 
The company's valuation of the property covered by said 

Mortgages is £11,000. 
Amount of cash on hand in the company's 

office, Liverpool £141 4 6 

Amount deposited in the various banks in 

which the company's funds are lodged, 

including an estimate of amounts not 

yet returned by the different branches, 21,500 
Amount of cash in the hands of agents, 

received for premiums this year (esti 

mated about) 30,000 

Aggregate amount of Cash Items 51,641 4 6 

Amount of Stocks of the State of New York, and the United 
States, and of alt other stocks and bonds absolutely owned 
by the company : — 

$150,450 United States 6 per cent stocks, £32,910 9 1 
346,000 United States 5 per cent stocks, 12,625 1 5 

105,595 16 6 

British and Provincial stocks: — 

Par value £215,858 11 5 

Market value 213,576 16 7 

211,148 13 9 

Amount of Stocks, bonds and all other securities (except 
Mortgages) held by the company as security for Cash actu- 
ally loaned by the company : — 

Loans on stocks without margins: — 

Par and market value £84,200 19 10 

Loaned thereon 84,200 19 10 

Loans on stocks with margins 306,509 19 

Amount of all other loans made by the company on life 

policies with collateral security 31,210 1 5 

Interest (except on mortgages) accrued but not due. . . 2,454 12 6 

Aggregate amount of all the Assets of the company. .£869,210 15 2 



III. LIABILITIES. 



Amount of losses unadjusted (estimate). . £5.000 

Amount of claims for losses resisted 1,900 



Total amount of losses unpaid 6,900 



472 APPENDIX. 

£ *. d. 

Cash dividends declared and due remaining unpaid. . . . 190 8 

Amount reclaimable by the insured on perpetual insu- 
rance policies, being ninety-five per cent of premium 
on deposit received 839 19 10 

Premiums received on unexpired risks £231,400 

Amount of unearned premium on the above at 

an average of fifty per cent 118,700 

Amount required to safely re-insure all outstanding risks 

estimated by the Vice-Chairman and Secretary 140,000 

Amount of all other claims against the company (esti- 
mate) (including Government duty, £18,000) 20,000 



Aggregate amount of all unpaid losses, claims and 

Liabilities, (except capital stock) £1 68,530 t 10 



IV. IXCOME. 

Amount of net cash premium income actually received 

during the year on Fire risks, about £290,000 

Amount received for interest on Bonds 

and Mortgages (estimated) £3,950 

Amount received for interest on stock 

loans (estimated) 16,440 

Amount received for dividends and inte- 
rest on stocks and bonds owned by 
the company (estimated) 12,800 

Amount received for interest from all 

other sources (estimated) 1,350 

Amount received for rents 1,557 1 7 



£36,097 1 7 
Amount earned to Life Department. . . . 12,000 



24,097 1 7 
Amount of income received from all other sources 3,000 



Aggregate amount of Income received during the year, £317, 097 1 7 



V. EXPENDITURES. 

Aggregate amount paid for Fire losses during the year, 
including £80,000 for losses through great fire in 
London, paid from Reserve Fund £259,000 

Amount of cash dividends actually paid during the year, 32,802 

Amount paid to agents and persons other than officers 
of the company for commissions on premiums (esti- 
mate) 28,700 

Amount paid to officers of the company for salaries, fees, 

and other perquisites (estimate) 7,500 

Amount paid for salaries (excluding commissions) of 

agents, clerks and other employes (estimate) 8,400 

Amount paid for printing, advertising and agency ex- 
penses, other than those above mentioned (estimate) 30,400 



APPENDIX. 473 

£ s. d. 

Amount paid for taxes (estimate) 1,550 

Amount of all other payments and expenditures (esti- 
mate) 9,000 



Aggregate amount of Expenditures during the year. £377,352 

VI. MISCELLANEOUS. 

Amount of Fire risks in force December 
31, 1861, having less than one year 
to run (estimate) £53,968,400 

Amount of Fire risks in force having 
more than one and less than three 
years to run (estimate) 12,200 

Amount of Fire risks in force having 

more than three years to run 42,800 

Amount of perpetual Fire risks in force, 71,700 

Total amount of Fire risks in force Dec. 31, 1861 . .£54,095,100 

Net amount of Fire risks written during the year. . . 80,887,900 
Net amount perpetual Fire risks written during the 

year 1,120 

Business in the State of New York : — 

Amount of Fire risks taken during the year $17,414,799 00 

Amount of Fire premiums received during the year. . 58,731 56 

Amount of Fire losses during the year , 12,663 74 



UNITY FIRE INSURANCE ASSOCIATION. 

Letter from the Superintendent to the New York Manager of the Unity Fire 
Insurance A ssociation. 

State of New York, Insurance Department, 
Albany, February 12th, 1861. 
George Adlard, Esq., 

Manager Unity Fire Insurance Association, N Y. : 

Dear Sir : The Annual Statement of } T our Company was duly received. 
The same is insufficient and unsatisfactory, as follows : — 

I. The Statement should be made for the year ending December 31, 
1860, as required by our Statute. A Statement for the year 1859 is 
nearly one and a half years' behind. Bring down your Report to last 
December, and if all the figures cannot be given with entire accurac3 r , 
give them according to the best of your knowledge, information and 
belief. 

II. The Railway Stocks £14,408 19s. &d. should be specified according 
to the form, and the par and market value given. 

III. The losses should be stated in answer to Nos. 1, 2, 3 and 4, under 
the head of Liabilities. You make a mere memorandum ; carry out the 
amounts in due form in the column of Liabilities. 



474 APPENDIX. 

IV. You do not cany out re-insurance in answer to No. 12 ; it should 
be estimated and carried out in the column of Liabilities. 

V. Answer No. 1 under the head of " Income," if possible. 

VI. No answer is given to No. 4 under the head of " Miscellaneous." 
No. 8, under this head, should be answered directly by filling in the 
Table with the proper amount. 

The par value of the stock per share is stated at 3s. §d. in answer to 
No. 14 "Miscellaneous," while under the head of " Capital" the par value 
of full paid stock per share is stated at 20s. 

Forward a new Statement in proper form, as early as possible, giving 
the situation of the affairs of the Association on the 81st day of Decem- 
ber, 1860, for the year ending on that day. 

If due diligence is used in this matter the new Statement may be re- 
turned from England in time for publication in my Annual Report. You 
will recollect that I notified you last year that a full Statement of the 
Company's affairs would be required in due form, (under the oath of the 
President or Vice President and Secretary of the Company, who have a 
personal knowledge of its affairs, ) or Certificates of Authority would be 
refused to Agents of the Association in this State. 

It would seem from your present Statement that you are not entitled 
to continue the transaction of business as long as your Capital is impaired 
more than twenty per cent. 

I believe that your Manager in London is now Mr. Cornelius Walford, 
the learned and eminent author of the " Insurance Guide and Hand- 
Book." I cannot but feel that Mr. Walford (to whom I feel under per- 
sonal obligations for writing that work) will readily and willingly comply 
with the requisitions of our new form for Annual Statements, onerous as 
some of its requirements may be. I send you new blanks, and also our 
form for Life Statements, which please send to Mr. Walford with my 
compliments. 

Very respectfully, 

WILLIAM BARNES, Superintendent. 



Letter from the Superintendent to the New York Manager of the Unity Fire 
Insurance Association. 

State of New York, Insurance Department, ) 
Albany, April l$th, 1861. ) 

George Adlard, Esq., 

Manager Unity Fire Insurance Association, New York : 

My Dear Sir : I have just found leisure to examine the amended Annual 
Statement of the Unity, made up to December 31st, 1860. 

It appears by this Statement that the Company's Assets consist of the 
following items : — 

£ s. d. £ s. d. 

Real Estate 11,728 2 3 

Cash in office of Unity Bank 9,069 10 5 

Cash in agents' hands, &c 44,178 9 8 

Canadian 5 per cent stock 10,000 

U. S., N. Y. City and State stocks 31,552 2 3 

Other loans 3,077 17 11 

Aggregate 109,606 1 8 



APPENDIX. 



475 



Liabilities. 

£ s. d. £ s. d. 

Total amount of losses unpaid 51,633 15 L 

Amount required to re -insure 34,000 

Other claims, Government duty, <fcc 11,535 16 8 

Aggregate 97,169 11 9 

Net Assets ■ £12,436 9 11 



It will be seen that the Net Assets of the Company amount to only 
about $60,000.00, and that the sum of over $200,000.00 is stated to be in 
the hands of Agents. If your re-insurance is charged at fifty per cent 
instead of eighty-five, as stated by the Company, it would still make 
your Net Assets $127,960.00 only. 

Your Capital (under the meaning of this word, as used in the twenty- 
third section of the Fire Insurance Act of 1853, Chap. 466) is, I suppose, 
d£78,078 16s. Qd , or $390,394.00, being the paid-up Capital, which only 
is recognized as Capital under our laws. 

This state of affairs in your Company is apparently very disastrous 
and unfortunate, and renders the safety of the insured in this country 
even somewhat questionable, when the fact is taken into consideration 
that all the Assets and Premiums, except the Deposits in the hands of 
Trustees, may be ordered by the home office to be transmitted to Lon- 
don at any moment to meet the necessities of the Company. 

If the Company can at any time make a Call on the shareholders for 
16s. Qd. per share the exigencies of its present condition would seem to 
indicate the propriety of such a Call. Your Association was admitted 
to transact the business of Fire Insurance in this State under the twenty- 
third section of Chap. 466 of the Laws of 1853. This section provides 
that " no agent shall be allowed to transact business for any Company 
whose Capital is impaired to the extent of twenty per cent thereof while 
such deficiency shall continue." 

Your Capital seems to be impaired at the present time, according to 
your own Statement, about eighty-four per cent. It therefore becomes 
the duty of the Superintendent to decline to allow the Agents of the 
Unity Fire Insurance Association to transact business during the con- 
tinuance of the said deficiency in Capital Stock as aforesaid. 

I do not desire at the present writing to prejudge this matter in such 
a manner as not to allow the Association to be heard before me by coun- 
sel or otherwise within a reasonable time, and will give you an oppor- 
tunity for such hearing, or you can have an argument or Brief submitted 
in writing. 

Your able and learned Manager in London, Mr. Cornelius Walford, 
seems to contend that your Capital is not impaired twenty per cent; but 
he. errs in stating your Capital at £2,000,000, this being the authorized 
Capital only. Our Companies are authorized to increase their Capitals 
by paying up to an unlimited extent, but all the Capital must be full 
paid.stock; and in determining what sum should properly be considered 
the Capital of the Company, where a portion only of the Capital is paid 
up, the Superintendent has ruled, in cases of Companies from other 
States, where a practice similar to the English one prevails to a certain 
extent, that the paid-up Capital only should be taken into consideration. 

In adjudicating whether Capital is impaired, the Assets side of the 
account is not alone considered, but the Liabilities due and to become 
due, including re-insurance, or the probable loss on outstanding risks 
should be deducted from Gross Assets, leaving Net Assets as the present 



476 APPENDIX. 

available means of the Company. These principles have been applied 
to Companies from other States of the United States, in several cases, 
and I do not see how any good reason can be given for not adopting 
the same rules as to Foreign Insurance Companies. 

If the Capital of the Unity should be considered as ^£2,000,000, {autho- 
rized) or £1,038,588, (subscribed) it would make the situation of the 
Company, as to impairment of Capital, a great deal more unfortunate, 
as the Stockholders' obligation to pay could not be considered as actual 
Capital until paid up in cash or properly invested. 
Very respectfully, 

WILLIAM BARNES, Superintendent. 



Argument of Counsel, B. D. Silliman, Esq., in behalf of the Unity Fire 
Insurance Association. 



In the Matter of the Unity 
Insurance Company. 



The Unity Insurance Company of London is incorporated in England 
under the act of Parliament. It has an agency in New York, of which 
George Adlard, Esq., is the Manager, aided by a Board of Trustees. 

A question arises whether the present condition of the capital of the 
Company is such as, under the law of this State, to preclude the con- 
tinued transaction of business by such agency. 

The Superintendent of the Insurance Department, in his letter to Mr. 
Adlard, of April 18, 1861, declines granting the certificate provided by 
Statute, for the reasons stated in his letter, to which I will more par- 
ticularly refer hereafter. 

The right of the Company to transact the business of insurance here, 
is as absolute as the right of any individual to do the like, save so far 
as it is restrained by the Statute law of this State. The restrictions 
and qualifications imposed by our Statute being in derogation of the 
common law rights of the Company, cannot be extended by im- 
plication. This is a fundamental principle, invariably recognized and 
acted on by the Courts. If, therefore, the agency of the Company is 
strictly within the provisions of the Statute, nothing further can be 
required as the condition of its exercising the power of insurance. 

The questions then to be considered are, what does the Statute of this 
State require as the condition on which the Company may maintain its 
agency in this State, and does the Company comply with such require- 
ment ? 

The Statute applicable to the subject is that entitled " An act to pro- 
vide for the incorporation of Fire Insurance Companies," passed June 
25, 1853. (Laws of 1853, ch. 466, p. 904.) 

The first twenty-two sections of this act relate to the incorporation of 
Fire Insurance Companies in this State, and to the regulation of such 
Companies when formed. It provides (§6, inter alia,) that no Joint- 
Stock Company shall be incorporated "under this act" without a capital 
of not less than $150,000, if in the city of New York or the county of 
Kings, and of not less than $50,000 if in any other county. 

The twenty-third section above referred to, directs " that no agent 
shall be allowed to transact business for any Company whose capital is 
impaired to the extent of twenty per cent, thereof, while such deficiency 
shall continue." 



APPENDIX. 477 

The objection made by the Hon. Superintendent of the Insurance De- 
partment, to the continuance of the business of insurance by the agency 
in New York, (as set forth in his letter of April 18, 1861,) is on the 
ground that the capital of the Company is impaired to the extent of 
twenty per cent. 

He assumes that the Capital of the Unity Insurance Company is but 
the amount of instalments actually called and paid in, instead of being 
that amount and the residue of the amount subscribed, and as yet 
unused, and which the subscribers are liable to pay on call. He then 
proceeds to make certain estimates of the condition of the Company, by 
which he considers that the sum so paid in, and which he regards as " the 
Capital " of the Company, has been reduced more than twenty per cent. 

If it be a correct construction of our Statute to assume that the capi- 
tal consists exclusively of the cash that the Trustees have thus far had 
occasion to use in the transaction of business, and that the securities in 
which Parliament and the Trustees have deemed it safe and expedient 
to retain the great mass of the capital until needed for actual use, and 
which the act of Parliament and the charter expressly declare to be its 
capital, shall not be regarded as such, then, perhaps, the office here is 
not entitled to the Commissioner's certificate. But with unaffected 
respect for the suggestion of the learned Commissioner, I cannot think 
that the distinction between the securities of the Company and the cash 
in hand is tenable. If they together constitute its capital, and if twenty 
per cent, of the gross amount is not impaired, it would seem to follow 
that the Company is entitled to the certificate requisite for its agency 
here. 

It will be presently seen that the act of Parliament, and the charter 
of the Unity Company under that act, both hold the amount of subscrip- 
tions (which the subscribers have covenanted, and can be at any moment 
compelled to pay) to constitute its capital, and that this capital is not 
impaired twenty per cent. 

There is nothing new in the idea of constituting a capital of satisfac- 
tory obligations to pay. Our own law in some cases, as well as that of 
England, recognizes such obligations as capital, and when the twenty- 
third section of our Statute speaks of capital, it must on every principle 
of construction be held to allude to whatever maybe the legal and autho- 
rized capital of the Company. 

The very act of our Legislature, under which this question arises, 
verifies this last statement. 

The same section permits the formation in this State of Companies 
"on the plan of mutual insurance," with capitals consisting partly of 
cash and partly of premium notes, payable in whole or in instalments 
when required by the Directors for payment of losses, &c. The tenth 
section distinctly alludes to such notes as part of the capital. 

So much for our own domestic Companies. Let us now examine what 
is required from foreign Companies to authorize their establishing agen- 
cies here. 

The Statute does not pretend to prescribe what their capital shall con- 
sist of. That is a matter depending on the law of the country in which 
they are incorporated. So far as our Statute is concerned, they may 
consist exclusively of obligations or liabilities to pa}', of cash, or of 
notes, or of subscriptions, or of stocks, or of mortgages, or of goods, 
wares and merchandize, or of whatever else may be prescribed as their 
capitals, and be lawful in the countries where such Companies exist. 

All that is required on this head, is that the foreign Company be pos- 



478 APPENDIX. 

sessed of the amount of actual capital required of similar Companies 
formed " under the provision's of this act," and that the capital, what- 
ever it may be, '■ shall not be impaired to the extent of twenty per cent, 
thereof." 

These are the only- provisions as to the capitals of foreign Compa- 
nies. (§23.) 

But for the protection of those dealing here with the agency of a 
foreign Company, it is required that the sum of $150,000 shall be invested 
in the manner specified in the act, (§23) in trust, "for the benefit and 
security of such as may effect insurance with the agent." 

The Unity Insurance Company has complied with this provision by 
investing $150,000 in trust, in exact accordance and full compliance 
with the provision of the Statute. 

Thus a quasi special capital for the agency is provided, and is specially 
and exclusively appropriated to the security, not of all who insure with 
the Company, but of our own citizens who insure with the agency, and 
it is as large as is required for the whole capital of our own Companies. 

This special capital is withdrawn by the trust, not only from the gen- 
eral liabilities of the Company, but even from the custody and discretion 
of the Directors of the Company, and is put beyond their possible infi- 
delity, mismanagement, mistake, misjudgment or misfortune. 

It might well be argued that this fund being thus provided and 
remaining undiminished, it matters not what may be the condition of the 
Company in other respects, because if it should be absolutely insolvent, 
still here is an unimpaired capital for the exclusive protection of parties 
insured at the agency, and that capital is of the largest amount required 
by the Statute for one of .our own Companies. 

Let us next consider what is the nature and extent of the general 
capital of the Unity Insurance Company, and whether it is impaired 
more than twenty per cent. 

The Company is organized under the act of Parliament, entitled "An act 
for the registration, incorporation and regulation of Joint-Stock Companies, 11 
passed Sept. 5, 1844. (8 and 9 Vic.) By reference to the seventh section, it 
will be seen that it is not required that the capitals of such Companies 
should be in cash. Like our Mutual Companies, the capitals may be made 
up of mere subscriptions and liabilities, to pay when instalments msij be 
called for. Indeed it is not required, as in the case of our Mutual Com- 
panies, that any part of the capital be in cash. It is left optional with 
the Company whether the capital shall be wholly or in part, or not at 
all, in money. 

The deed creating the Company under the general act, must specify, 
among other things, (act of Parliament, § 7, subd. 4,) the amount of the 
proposed capital, and of any proposed additional capital, and the means 
by which it is to be raised ; and "where the capital shall not be money 11 
11 or shall not consist entirely of money, 11 then the nature of such capital, &c. 

The act provides (§1) for the formation of Companies by the sub- 
scription of a certain number of shares, the subscribers entering into a 
covenant to pay instalments when called on, and leaves entirely in the 
discretion of the Directors when to call in instalments, from time to 
time, as they may find expedient in transacting the business of the 
Company. 

Thus the capital of the Company may consist of liabilities or obliga- 
tions to pay, not of cash or of instalments paid in, but of covenants to 
pay the amount subscribed by the shareholders. There is, as has been 
remarked, nothing new or unsubstantial in this. It is in another and 



APPENDIX. 479 

corporate form the old system of insurance by which individuals sub- 
scribed or underwrote risks (hence the familiar insurance term " under- 
writers.") They did not advance the amount of their insurance in cash, 
but merely entered into the obligation to pay in case of loss. The long- 
history of " Lloyds " shows that these underwritings, without depositing 
cash as collateral to their subscriptions, formed for very many years 
(and still do) ample security to commerce. 

Under this act of Parliament the Unity Insurance Company was 
formed. Its Capital was duly subscribed. The Directors up to this 
time have not had occasion to use more than 3s. 6d, on the pound of 
their capital subscribed, and have therefore as yet seen fit to call in only 
that amount. It has therefore 16s. 6d. on the pound of its capital 
unused and unimpaired, and subject to call whenever needed, and for 
that amount the subscribers are liable and bound to pay the same when- 
ever required by the Directors. 

That the subscribers are liable at all times to pay up this balance 
when called for, is expressly provided, both by the act of Parliament 
and by their subscriptions to the deed of settlement (or incorporation.) 
The regulations are stringent on this subject. Not only must the sub- 
scriber covenant to pay up all instalments when called for, (act of Par- 
liament, § 7, subd. 11,) but section fifty-five gives express authority for 
legal proceedings to compel the delinquent subscriber to pay the amount 
of any instalment ; and the deed of settlement further authorizes the 
Company, if they see fit, to forfeit and sell any share on which any 
instalment has not been paid, and then to sue the subscriber for any 
deficiency which may remain. Here, then, besides the large amount of 
cash on hand, is the further sum of £848,010, or $4,240,000, available 
assets for the security of the insured. When the fact is also considered 
that the special capital of $150,000 is thus provided as the basis of this 
one agency, it would realty seem that our Statute is more than satisfied. 
There is no reason to doubt that the subscriptions are good and from 
responsible parties. The whole capital of the Company is certainly as 
well secured as the capital of our mutual Companies. 

In what manner Insurance Companies shall invest or permit their 
capitals to stand, is a matter for the discretion and pleasure of the 
Governments incorporating such Companies. Parliament sees fit to 
permit the subscribed capitals of its corporations (for insurance) to be 
invested and remain in the promises of the individual subscribers until 
called for. We permit the capitals of our Mutual Companies to a large 
extent to remain in the promises of their subscribers until called for. 
The only difference is, that in the one case such promise is by the sub- 
scription, under seal, to the deed of settlement, and payable on demand ; 
in the other it is in the shape of subscriptions to promissory notes. 

But whether the system and basis of insurance thus adopted in Eng- 
land is wise or not, or safe or not, our law does not undertake to deter- 
mine. Even if such system and basis would be regarded as insecure 
and insufficient for the formation of Insurance Companies here, yet that 
is not the question. All objection on that point is obviated and ended 
by the requirement that such Companies, whatever may be the nature 
or amount of their capitals, shall invest here for our exclusive security just 
such a cash capital as our laws require for our own Companies.. The 
residue of the capital of the foreign Company may be, for aught we 
care, as unsubstantial as the "South Sea bubble." Whatever it may 
be, the Company is welcome to act here, provided it comes up to our 
requirement of $150,000 thus specially invested, and provided its capi- 



480 APPENDIX. 

tal, whatever be its nature, is not diminished more than twenty per cent. 
This is the reason of the thing, as well as the law of the thing. 

I think it clear that the Hon. Superintendent has overlooked the fact 
that for the purposes of our Statute the capital of the Company must 
be understood to be that which the act of Parliament declares to be such. 
No rule of statutory construction with which I am acquainted would 
admit a different view. The Statute of this State does not, either by its 
language or by implication, authorize any distinction as to the capital 
of a foreign Company, between such parts of it as may be in the shape 
of cash in hand or in securities. It does not pretend to question the 
propriety or sufficiency of the capitals, so far as the nature thereof is 
concerned, which the English law has ordained. If that law permitted 
the capital to consist of a given number of tons of pig iron, or chaldrons 
of coal, or bales of cloth, the agency of the Company here would be 
lawful just so long as it had the §150,000 (required by our Statute) 
duly invested, and just so long as the number of tons of pig iron, or 
chaldrons of coal, or bales of cloth, were not "impaired" to the extent 
of twenty per cent., and the Insurance Department would have no war- 
rant for refusing a certificate because the capital consisted of iron, coal 
or cloth, instead of money. In such a case, if not one dollar had ever 
been called in in instalments, I cannot doubt that the Company would 
have a right to insure here if it had raised $150,000 by hypothecation 
of its pig iron, or otherwise, and invested it here as required by our 
Statute. 

In the case of our Mutual Companies, payment of the notes given for 
capital may be called for, when needed, from time to time, in just such 
instalments as the Directors may think necessary. Would those notes 
cease to form part of its capital after one instalment thereon had been 
paid ? 

Can it for a moment be claimed that a Mutual Company in London 
could not maintain an agency here because its capital consisted of such 
portion or altogether of premium notes as its charter might allow ? I 
think there can be but one answer to the question. 

Under the earlier charters in this State, organizing Mutual Insurance 
Companies, the notes received on their organization were not declared by 
the charters to be capital. 

Those notes, like the subscriptions to the Unity Company, were to be 
called on and used when necessary for the business of the Company. 

Our Courts fully considered the subject in various cases which were 
carried to the tribunal of last resort. I may refer to Deraismes v. Mer- 
chant's Ins. Co., 1 Comst, 371 ; Brown v. Croton Ins. Co., 4 ib., 51 ; 
Howland v. Myer, 3 ib., 290 ; White v. Haight, 2 Smith, 310, (and see 
particularly the very recent case of Howland v. Edwards, 33 Barb., 433, 
holding notes to be the capital of the Company.) 

In these cases the defendants set up that they were not liable on the 
notes which they had given, because they had not received consideration 
therefor ; but the Court of Appeals in substance held them bound, be- 
cause such notes constituted the capital, on the faith of which dealers 
with the Companies had taken their policies. 

Admitting, for the sake of the argument, that it would be wise that 
the amount paid in should be alone regarded as capital of the foreign 
Company, yet the Legislature have not seen fit so to declare, and in the 
absence of such declaration, the Insurance Department (so far as the 
provision as to capital is concerned) cannot go beyond the Statute and 
substitute another rule, however discreet on the score of expediency, for 



APPENDIX. 481 

that of the Legislature. The Legislature has not said or intended that 
the capital prescribed by Parliament for an English Company shall not 
be its capital, and Parliament having prescribed what shall be the capi- 
tal of its own Companies, it is to that capital our Statute must be held 
to refer. 

It was to render the insured here secure and independent, not only 
from the " losses " of the foreign Company, but also of the quality, nature 
and condition of the foreign capital, that our Legislature required for 
the agency an independent and special capital of the same amount as 
required from our own Companies. If under their policies the insured 
derived from the foreign capital any further and valuable security, well 
and good ; but all that our Statute requires as to that capital is that, 
whatever its nature, it shall not be impaired twenty per cent. 

It is submitted with great respect, that this is specially a case where 
the Statute ought not to be strained by the construction now claimed, 
when the special capital of $150,000 stands as the abundant security 
which the Legislature has seen fit to require. There are sometimes cases 
where the intent of the law cannot well be achieved without to some 
extent enlarging by construction. But this surely is not such a case. 
It is obvious that the security intended by our Statute consists in the 
special fund invested. That being provided, the remaining provisions 
are rather formal than material. There certainly is no necessity and 
consequently no warrant for adding to the Statute by construction. 
Indeed, in this respect the Statute is its own interpreter in recognizing 
promises or obligations to pay as " capital." So the act of Parliament 
and the deed of settlement declare the like to be the "capital" of the 
Unity Company. To hold that the capital ordained b} r the act of Parlia- 
ment and by the charter of the Unit}' Company, is not to be treated as 
such by us, is to insert a new clause in our Statute which the Legisla- 
ture have not seen fit to put there, and to strike out an express provi- 
sion which the Legislature has inserted. If the subscriptions to the 
Unity Company are not exhausted to the amount of twenty per cent, 
thereof, (and it is not claimed that they are so exhausted), then I think 
its agent is clearly entitled to the certificate provided for by the act of 
1853. 

If the views above expressed are correct, it would seem to follow that 
the affairs of the Company are not in an unsound condition. We must 
regard the well guarded and secured subscriptions as at any moment 
available, and if so, it is very plain that, even independent of the money 
which it has in hand, it has other and superabundant funds on which it 
can draw at any moment when needed. If the Company had $4,240,000 
on deposit in the bank of Geo. Peabody, or the Barings, or in any other 
banks, we should consider it well conditioned. Even if it had that 
amount so on deposit, not drawing interest, we should consider the policy- 
holders perfectly well secured and the Company in a sound condition. 
Now there is no legal magic in the names of Peabody, the Barings, &c. 
If the Company had the bank books and certificates of deposit of those 
bankers or banks, it would after all have only their promises to pay. 
The law in this case knows no distinction between the promises of A. 
and B., and C. and D., and the persons whose promises in the shape of 
subscriptions Parliament has expressly permitted to constitute the capi- 
tal of this Company, must in law be deemed just as valid as such pro- 
mises of Peabody, the Barings, or any other banks or bankers. 

If the act of Parliament required the whole subscribed capital to be 
paid in in cash, and that when paid in the Company should be at liberty 

si 



482 APPENDIX. 

to invest the same in promissory notes, it is very clear that the fact of 
such investment would not constitute an unsound condition of the Com- 
pany unless it should appear that the notes were of irresponsible per- 
sons. In the absence of proof on that subject, no presumption would 
exist that they were irresponsible. It is not suggested 1hat the sub- 
scriptions, the promises to pay, in the case of the Unity Company, are 
not those of entirely responsible persons. 

BENJAMIN D. SILLIMAN. 
New York, September 30, 1861. 



UNITY FIRE INSURANCE ASSOCIATION 

( Annual statement for the year ending June 30, 1861) 



[Located in London, England ; incorporated September 14, 1852.] 
ALBERT F. JACKSON, Chairman. CORNELIUS WALEORD, Manager and Secretary. 



I. CAPITAL. 



Amount of capital stock of the company is authorized at 
£2,000,000, but actually subscribed, £1,021,911 
N Amount of unpaid subscribed capital 
for which the subscribers or holders 
are liable 848,016 1 6 



£. *. d. 



II. ASSETS. 

Net value of Real Estate owned by the company 11,128 2 3 

Amount of cash on hand in the com- 
pany's office £101 9 1 

Amount deposited in the Unity Bank . . 6,383 4 1 

Amount of cash in the hands of agents, 

received for premiums this year 28,940 11 6 



Aggregate amount of Cash Items 35,431 4 8 

Amount of stocks of the State of New York and the United 
States, and of all other stocks and bonds absolutely owned 
by the company : — 

$10,000 United States & per ct. stock, redeemable 1862, 
25,000 N. Y. city 6 per cent, stock, redeemable 1887, 
82,000 N. Y. State 5 per cent, stock, redeemable 1874, 
21.000 N. Y. State 6 per cent, stock, redeemable 1873, > £31,552 2 3 

7,500 N. Y. State 6 per cent, stock, redeemable 1865, 

4,000 N. Y. State 6 per cent, stock, redeemable 1872, 

1,000 N. Y. State 6 per cent, stock, redeemable 1862, 

Canada Bonds : 

19 bonds of £500 each £9,500) 

2 bonds of £100 each 200 >- 10,910 5 2 

1 bond, 6 per cent., three years 750 ) 






Total cost 42,462 1 

Uncalled capital, viz. : 16s. 6d. per share on one mil- 
lion, twenty-seven thousand, nine hundred and seventy 
shares subscribed by nearly four thousand responsible 
persons £848,016 1 6 






APPENDIX. 483 



Amount of all loans made by the company 

Amount of all other property belonging to the company, 



£ 


s. 


d. 


4,405 


10 


2 


776 


3 


6 



Aggregate amount of all the Assets of the company. . £94,803 8 
Deduct for bad and doubtful debts 207 2 1 



£94,596 5 11 



III. LIABILITIES. 

Amount of losses unadjusted £6,516 14 7 

Total amount of losses unpaid £6,516 14 7 

Premiums received on unexpired risks. . £42,013 11 

Amount of unearned premium on the 

above at an average of fifty per cent., 21,006 10 5 

Amount required to safely re-insure all outstanding risks, 

estimated by the President and Secretary 35,700 16 11 

Amount of all other claims against the company, includ- 
ing Government duties 40,962 8 1 



Aggregate amount of all unpaid losses, claims and 

liabilities (except capital stock) £83,179 19 



IV. INCOME. 

Amount of net cash premium income actually received 

during the year on Fire risks £84,026 1 9 

Amount received for dividends and interest on stocks 
and bonds owned by the company 

Amount of interest received from all other sources . . . 

Amount of rents received during the year 

Amount of income received from all other sources. . . . 

Aggregate amount of Income received during the year, £87,997 



1,742 5 





600 17 


7 


852 8 


11 


775 12 


9 



V. EXPENDITURES. 

Aggregate amount paid for Fire losses during the year, £44,154 9 5 

Amount paid to agents and persons other than officers of 

the company, for commissions on premiums 11,807 511 

Amount paid to officers of the company, for salaries, fees 

and other perquisites 3,350 1 

Amount paid for salaries (excluding commissions) of 

agents, clerks and other employes 940 16 

Amount paid for printing, advertising and agency ex- 
penses, other than those above mentioned 10,817 9 11 

Amount paid for taxes 1,142 2 8 

Amount of all other payments and expenditures 3,863 8 11 

Aggregate amount of Expenditures during the year. . £76,075 13 10 

VI. MISCELLANEOUS. 

Amount of Fire risks in force June 30, 1861, having less 

than one year to run £18,781,204 

Aggregate amount of Fire risks in force June 30, 1861, 18,781,204 

Net amount of Fire risks written during the year end- 
ing June 30, 1861 23,476,508 



484 APPENDIX. 

Statement of the condition of the United States Branch of the Unity Fire Insurance 
Association of London, on the first day of January , 1862. 

GEORGE ADLARD, Manager United States Branch, New York City. 
I. CAPITAL. 

Capital deposited in the hands of Trustees $150,500 00 



II. ASSETS. 

"United States six per cent, stock $19, 250 00 

New York State six per cent, stock 33, 500 00 

New York State five per cent, stock 82, 000 00 

New York city six per cent stock 25,000 00 

Cash loaned on collateral 500 00 

Cash in hand and in bank 10, 846 76 

Cash in hands of agents 8, 035 93 

All other investments 54,401 36 

Office furniture 494 17 

Interest accrued 315 00 



$234,343 22 



III. LIABILITIES. 



Losses ascertained and unpaid $2,054 20 

All other claims 1,406 94 



3,461 14 
Net Assets $230,882 08 

Business in the Stole of New York : 

Amount of Fire risks taken during the year ending De- 
cember 31, 1861 $4,242,801 18 

Amount of premiums received 40,726 41 

Amount of losses incurred 19,038 91 

Amount of taxes paid to various Fire Departments 378 06 



Letter from Cornelius Watford, Esq., General Manager of the Company. 

Unity Fike Insurance Association, 
Chief offices : Unity Buildings, 8 Cannon street, 
City of London, January 24, 1862. 

Eon. William Barnes, New York State Insurance Department, Albany: 

Dear Sir: — Herewith I send you Statement of the affairs of this Asso- 
ciation made up to the 30th June last. I have had the Statement made 
to this date for two reasons : First. Because I could not get in, the actual 
returns of business up to the close of the year, to a sufficient extent to 
enable me to make more than a very vague estimate of the actual prem- 
ium receipts. Secondly. Because I have just had all the accounts care- 
fully made up to the 30th June last, in order to prepare a Statement for 
Canada, in accordance with the new Insurance law there. 

In future I purpose, therefore, to send you the accounts made up to 
the 30th June, and I shall apply to Mr. Wright to receive the accounts 
up to the same date. 

When you remember that the requirements differ not only in form but 
in principle, in almost every country to which we have to make returns, 
you will see how desirable it is that we should have them all made up 
at one period of the year, and that period which usually presents the 
means for the most clear statement. 



APPENDIX. 485 

The business of the Michaelmas and Christmas quarters in this country 
is much heavier than in the other quarters, and consequently June is 
the period when our books are most easily balanced. 

In the Statements now sent I have endeavored to answer all the 
requirements as clear and as distinctly as the varied constitution of 
English, as compared with American companies, will admit. I hope 
you will find this Statement clear. 

One or two items under the head of "Miscellaneous" I have had to 
leave for Mr. Adlard to fill in. You will observe that amongst the 
" Assets" I have included the uncalled Capital of the Association. 

In my opinion, this course should always have been pursued ; it is so 
clearly justified by the constitution of English companies, supported by 
the English law, that there cannot be two opinions, but that the Capital 
of a Joint-Stock Company, which has complied with the requirements of 
the law, and has thereby obtained its certificate, is, to all intents and 
purposes, as available for the security of policy holders as any of the actual 
cash investments the company may have at its command. 

So desirous is our Legislature upon this point that it has refused to 
allow the liability of individual shareholders to be limited to the amount 
of the shares in the Capital to which they have ac'ually subscribed, but 
the whole personal property and effects of each individual shareholder is 
absolutely liable to and for the engagements of the Company. This is 
what is meant in England by " unlimited liability," and Insurance com- 
panies are now the only class of companies over which the public have 
such extreme protection. 

Applying this principle to our Association, the fact will stand thus : 
Some 3,500 responsible persons hold 1,027,971 shares, of £1 each, and 
estimating that, perhaps, a considerable percentage (say 20 per cent) 
of them might not be able to pay up any heavy calls made upon them, 
the remaining 80 per cent would be compelled to pay not only the call 
upon their own shares, but in the case of a luinding up, to pay the deficiency 
upon the shares of the defaulting 20 per cent of the proprietors. But if 
any of the shareholders should forfeit their shares with the view to evade 
calls upon them, they would not succeed in their object, because our 
law holds them responsible for all engagements incurred before and up 
to the time of such forfeiture taking place. 

Or say (taking this extreme case), that if it should turn out that the 
.£848,076 \s. (Jd., uncalled Capital, should not be sufficient to meet any 
engagements to which the Association should at any time have become 
liable, the whole property of the shareholders will be liable for the differ- 
ence. 

I send you for your information the clause from our articles of asso- 
ciation relating to calls and the powers of the Directors to make them. 
These were drawn when the law was not even so strict upon the ques- 
tion of shareholders' liability as it now is; but all the new powers of 
the law would at any time become available to the carrying out the 
intentions of this clause to the end that the policyholders may be pro- 
tected. 

Take the working of the English Joint Stock Law as applied to the 
constitution of this Association : — 

The shares were original^ issued at £1 each with the intent that the 
amount being small might be more in the power of the shareholders to 
pay (in the event of the whole amount being required) than if they had 
been fixed at £5 or £10, or any other larger amount. 

In the first instance 2s. 6d., or 12J per cent of the capital actually 



486 APPENDIX. 

subscribed, was called up. After several years, during which misfor- 
tunes had arisen, viz.: in the year 1857 a call of Is. more was mado 
under the provisions of the Deed, and in two or three weeks £50,000 was 
paid to the Association in respect of that call, and the whole amount, 
namely £51,398 lis. 0d., was received within an almost incredible short 
period. 

To show you that the case I have mentioned is not a solitary one, a 
fire company of considerable standing, namely the * * * Fire Com- 
pany, (I mention the name for your information and not for publication, 
as it might be objectionable to them,) having lost a considerable smn 
of money in the late large London fire, and probably for other reasons, 
thought it desirable to call up more of their Capital, and made a call of 
£5 per share ; in less than a fortnight £43,000 was paid, and they have 
since received the entire £50,000 (the amount called up) with the ex- 
ception, I believe, of about £200. 

I could give, if necessary, many other instances of calls being made 
and responded to by shareholders of various companies constituted under 
the English Joint-Stock Law; indeed, I may state, as a broad fact, that 
no instance is on record in this country where policyholders, either Fire 
or Life, have not had their claims fully indemnified, sooner or later, in 
companies so constituted; there have been several combinations of 
persons who have started Insurance offices which did not from the first 
comply with the requirements of the law, and in which, therefore, the 
insured have had no remedy, and there have been Mutual Associations 
formed in which the policyholders not only lost the money they had paid 
but were held liable for the general engagements of the company ; but 
such instances can never occur where companies are properly certified 
by the Registrar appointed under our Joint-Stock Laws. 

Looking at all these facts, I cannot but think that the uncalled Capital 
should be introduced in all financial statements with the other assets. 

The facts I have stated being, however, so well known in this country, 
there does not seem any necessity to include such item in the balance 
sheets issued on this side, and we do not include any estimate of the 
sum required to re-insure our risks. But perhaps another reason has 
operated, namely, that some of the companies do not discriminate be- 
tween the Capital authorized to be subscribed and that portion of it 
which actually becomes subscribed; in our own case, the former item is 
£2,000,000, whereas the latter is really £1,027,911. 

Following up the grounds I have stated you will see that but 16 per 
cent of the subscribed capital has ever been called up or received by us 
(for we have no shares of the denomination of "full paid stock" referred 
to in " question two, Capital" in your return), and that a considerable 
percentage of the amount so called up is still in our possession, and 
constitutes, in fact, our investments, which stand in the present State- 
ment at (all things included) £94,000. Of course, on the other side 
there are the Liabilities amounting, I must admit, to very nearly a simi- 
lar amount, but by far the greater amount of these Liabilities, after 
ducting £35,000 for re-insurance, are by previous arrangement spread 
over a series of years, and are provided for out of the current Income of 
the Association. I state this matter of fact by way of an answer to 
a very natural inquiry made by you some time since : — Why did we not 
call up more of our Capital ? 

I could, indeed, adduce many other reasons why a call should not now 
be made ; the chief one is that such a proceeding might, and no doubt 
would, create some alarm in the minds of policyholders ; they would 



APPENDIX. 487 

not understand that it was required for their protection, because in Eng- 
land they look upon the protection as complete when they know that the share- 
holders are responsible people; but they would at once infer that some 
new misfortune had overtaken the Association, and that to meet it, the 
money was required. 

Seeing that our business is now growing more rapidly than at any 
former period in the history of the Association, which in itself may be 
taken as a proof of the confidence which is felt throughout Europe in 
our financial responsibility and integrity, I cannot, as the Manager, 
advise the Board to incur the consequences of mistrust and alarm when 
the actual requirements cf the Association do not force any such step 
upon them. 

I speak to you thus freely upon this matter because my recent inter- 
view with you assured me more fully than I could have been otherwise 
assured, that your object is not to place impediments in the way of 
companies doing business, and therefore offering protection to insurers 
in your state, but simply to see that all Insurance Associations trading in 
your State have the means of honorably discharging the engagements upon 
which they enter 

The other points which we discussed when we met I do not now enter 
upon; I am content to leave them to your calm judgment and consider- 
ation. I feel confident that we can satisfy you, if you are not already 
satisfied, that we are desirous, as well as able, to satisfy all the require- 
ments that your law can reasonably demand of us. Some of these 
requirements from the different constitution of English from American 
companies, already referred to, may not be complied with to the letter, 
but most assuredly in spirit they are, or will be, complied with; and 
every effort will be made by my Directors, n^self, and our Manager at 
Hew York to comply with your desires and instructions as they may be, 
from time to time, conveyed to us. 

Believe me yours most faithfully, 

CORNELIUS WALFORD, General Manager. 



488 APPENDIX. 



LAWS RELATING TO INSURANCE, PASSED AT 
THE EIGHTY-FIFTH SESSION OF THE NEW 
YORK STATE LEGISLATURE, 1862. 



Chapter 6. 

AN ACT to amend the act entitled "An act to provide for 
the incorporation of Fire Insurance companies," passed 
June twenty-fifth, eighteen hundred and fifty-three. 

Passed February 15, 1362. 

The People of the State of JWw York, represented in Senate and 
Assembly, do enact as follows: 

Section 1. Section twenty-three of the act entitled ; 'An act to provide 
for the incorporation of fire insurance companies," passed June twenty- 
fifth, eighteen hundred and fifty-three, is hereby amended by adding 
thereto, at the end thereof, the following words : " The provisions of 
this section shall apply to^ll foreign companies, partnerships, associa- 
tions and individuals, whether incorporated or not incorporated." 



Chapter 27. 

AX ACT to amend the charter of the Republic Fire Insu- 
rance Company. 

Passed March 8, 1862. 

The People of the State of JVetc To /7c. represented in Senate and 
Assembly, do enact as follows: 

Section 1. Section thirteen of the charter of the Kepublic Fire Insu- 
rance Company is hereby amended to read as follows : Whenever the 
accumulation of the net profits, together with the capital stock, shall 
exceed five hundred thousand dollars, the board of trustees may apply 
the excess after the payment of dividends and interest, as hereinabove 
provided, annually thereafter, towards the redemption, in whole or in 
part of the certificates, commencing with those of the oldest date, and 
whenever funds shall be provided to redeem certificates, no interest shall 
be paid to holders of the same, after notice shall have been given to 
them that funds are provided for the redemption thereof : such notice 
shall be given by publishing the same daily for ten days, in two news- 
papers printed in the city of New York. 

§ 2. This act shall take effect immediately. 



APPENDIX. 489 

Chapter 44. 

AN ACT to amend an act entitled " An act to amend an 
act entitled ' An act for the better regulation of the 
firemen in the city of New York,' passed March second, 
eighteen hundred and sixty-one." 

Passed March 22, 1862; three-fifths being present. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows: 

Section 1. Section four of the "Act to amend an act entitled an act for 
the better regulation of the firemen in the city of New York, passed 
March second, eighteen hundred and sixty-one," is hereby amended so as 
to read as follows : 

" Section eleven of said act shall read as follows : The said commis- 
sioners shall have cognizance of all complaints against volunteer fire- 
men for riotous or disorderly conduct at fires, or alarms of fire, or for 
violation of any of the state or city laws, respecting the firemen of the 
city of New York ; they shall diligently enquire into the same, and if the 
parties so charged shall be proved guilty, the said commissioners are 
hereby empowered to suspend, expel or disband such firemen, and the 
said commissioners or a majority thereof shall have power to alter or 
change the entry of expulsion on the firemen's register to " resignation," 
and also to alter, change or modify any judgment or decree of suspen- 
sion, subject to the approval of the board of appeals or a majority thereof. 

§ 2. All acts or parts of acts inconsistent with this act are hereby 
repealed. 

§ 3. This act shall take effect immediately. 



Chapter 67. 

AN ACT to amend the charter of the iEtna Fire Insurance 
Company of New York. 

Passed March 28, 1862. 

The People of the State of New York, represented in Senate and 
Assembly ■, do enact as follows: 

Section 1. The iEtna Fire Insurance Company of New York, in addi- 
tion to the powers already vested in them, are hereby authorized and 
empowered to make insurance against all risks of inland navigation and 
transportation whatsoever. 

§ 2. This act shall take effect immediately. 



32 



490 APPENDIX. 

Chapter 70. 

AN ACT to amend an act entitled " An act to amend an 
act entitled ' An act for the benefit of married women 
in insuring the lives of their husbands,' " passed April 
fourteen, eighteen hundred and fifty-eight. 

, Passed March 28, 1862. 

The People of the State of New York, represented in Senate and 
•Assembly, do enact as follows ; 

Section 1. Section two of the act entitled "An act to amend an act 
entitled 'An act for the benefit of married women in insuring the lives 
of their husbands/" passed April fourteen, eighteen hundred and fifty- 
eight, is hereby amended so as to read as follows : 

The amount of the insurance may be made payable, in case of the 
death of the wife before the decease of her husband, to his or to her 
children, for their use, as shall be provided in the policy of insurance, 
and to their guardian, if under age. 

§ 2. This act shall take effect immediately. 



Chapter 123. 

AN ACT to amend the charter of the Knickerbocker Life 
Insurance Company. 

Passed Apbil 2, 1862. 

The People of the State of Nevj York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. All contracts made by the Knickerbocker Life Insurance 
Company, located in the city of New York, for insurance on the lives of 
individuals, against accidents or casualties, for the granting, purchasing 
or disposing of annuities or otherwise, authorized by the charter of said 
company, shall be binding and obligatory upon said company when sub- 
scribed by the president and secretary thereof, and it shall not be neces- 
sary to seal the same with the seal of the company, 

§ 2. The board of directors of said company may elect annually such 
a number of its own members, as shall be prescribed by its by-laws, to 
be an executive committee, with such powers as may be delegated to it 
by said by-laws, to superintend the whole business of said company ; 
and at all meetings of said board of directors, five members shall consti- 
tute a quorum for the transaction of business ; but a lesser number may 
meet and adjourn from time to time until a quorum shall attend. 

§ 3. The insurance business of said company shall be transacted upon 
the mutual principle ; but any person applying for insurance, so elect- 
ing, may pay, or agree to pay, a fixed sum of money, as may be agreed 
upon by the company, which shall be in full of said insurance, and -frith- 
out any participation in the profits of the company. A balance shall be 
struck from time to time on the books of the company as the directors 
may determine, and the profits or losses ascertained, all of which, except 
the reservation provided for in said charter, shall be equitably appor- 



APPENDIX. 491 

tioned among the persons insured who shall, by their policies, be entitled 
to a participation in the profits of said company ; and each insurer to 
whom any profits shall be so apportioned, shall be entitled to one vote 
and no more at each election of directors, for every hundred dollars so 
apportioned to him out of the profits of the company. And mutual poli- 
cies may be charged with losses to the extent they have been credited 
with profits, if the losses by insurance require it. 

§ 4. The capital of said company, and the funds accumulated by its 
business, or any part thereof, may be invested, and from time to time 
reinvested, as occasion may require, upon the securities and in the man- 
ner allowed by the provisions of the act under which said company is 
organized, or any amendment thereof. 

§ 5. The board of directors of said company may, from time to time, 
declare dividends upon its guarantee capital, payable to the proprietors 
or owners of said capital, in cash or scrip as the board may determine, 
not to exceed twenty per cent of their net earnings ; but no such divi- 
dends shall be declared or paid except out of the actual net earnings of 
the business of said company, and all dividends so paid shall be charged 
to the expense account of said company. 

§ 6. When the benefit or relief fund of said company, specified in its 
charter, shall amount to the sum of twenty-five thousand dollars, cash 
dividends, at a rate not exceeding six per cent per annum, may be paid 
thereon, to the stockholders or insurers, as the board of directors may 
determine. 

§ %. So much of the charter of said company which was filed in the 
office of the Secretary of State, on the twenty-ninth day of March, one 
thousand eight hundred and fifty-three, as is inconsistent with the pro- 
visions of this act, is hereby repealed. 

§ 8. This act shall take effect immediate^. 



Chapter 131. 

AN ACT in relation to the dividends of the Mutual Life 
Insurance Company of New York. 

'; "" Passed April 2, 1862; three -fifths being present. 

The People of the State of JVevJ York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. The Mutual Life Insurance Company of New York may 
appropriate its dividends either to the purchase of additional insurance, 
payable with the policy, or at the option of the insured, in reduction of, 
or towards the annual payment of premiums on policies, such dividends 
may be declared every five years, or oftener, at the option of the said 
company, provided that said company shall not make such appropriation 
in reduction of any annual premium without the consent first had and 
obtained of the superintendent of the insurance department, after each 
dividend, as to all persons entitled to such dividend. 

§ 2. This act shall take effect immediately. 



492 AH»JLN£>IX 5 

Chapter 151. 

AN ACT relative to the trial of offences committed against 

joint stock associations. 

Pas-sxj Apeil 5. 15:2. 

TAe Pi: r 'i :f t\i Soate of Xiw York, represented in Senate and 
Assembly, do enact as follows i 

Sbchoh 1. It shall not be necessary in an indictment against any per- 
son or persons, for an offence committed against the rights or property 
of any joint stock association organized under the statutes of this state, 
: ; Sr: : rib the names of the members of such association, nor to prove 
the same on the trial of snch indictment, but it shall be sufficient to set 
forth in such indictment the name assumed and used by snch association 
hi its business, and to prove the same on the trial accordingly. 

§ 2. Th;^ act shall take effect immediately. 



Chapter 160. 

AX ACT to incorporate the Tompkinsville Fire Police 
Company, of the village of Tompkinsville, town of 
Castle ton, Richmond count v. 

P^sszz Apzil 5. IS:- 2 : :irre-if=Li heirg pre-eat. 

The People of the Stite of Xev: York, represented in Senate and 
Assembly, do enact as follows: 

Section L Walter J. Wandel, Jacob B. Wood, H. Mendell, C. F. Gros- 
heim, Jacob Bur bank, William QliSe, C. H, Stebbins, F. Kanenberg, IL 
Carroll, Philip Bardes, and their associates are hereby constituted a body 
corporate, by the name of ''The Tompkinsville Fire Police Company," 
and by that name they and their successors shall be capable of purchas- 
ing, holding and conveying real estate, or any personal estate necessary 
for their use as a Fire Police Company, to the amount of five thousand 
dollars; also, by the corporate name aforesaid, they and their successors 
shall be capable of suing and being sued in all courts. 

§ 2. The said corporation shall have power to make and prescribe snch 
by-laws, rules and regulations for the government of the said corpora- 
tion, as they from time to time shall deem proper; provided such by- 
laws, rules and regulations be in accordance with the provisions of this 
act and the constitution of the State of New York. 

The said corporation shall have full power and authority to nomi- 
nate and appoint a sufficient number of fire policemen, not exceeding 
sixty, to have the care and management of all the implements belonging to 
said company, and who shall be ready at all times to save and protect 
property at fires, have the custody of the same during and until after 
any fire, and to arrest all depredators upon snch property, and take them 
before a magistrate to be dealt with according to law, and to perform 
all the duties which may be required of them by the regulations of said 
company, and in case of removal or dismissal of any members, to appoint 
others in their places 



APPENDIX. 493 

§ 4. Any person appointed fire policemen, under the provisions of this 
act, and serving as such shall, during such service, be exempt from 
serving as a juror in any of the courts of this state, and from militia 
duty, except in cases of invasion or insurrection. 

§ 5. This act shall take effect immediately. 



Chapter 165. 

AN ACT to authorize the city of Schenectady to purchase 
a steam fire engine. 

Passed April 9, 1862; three-fifths being present. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows: 

Section 1. The city of Schenectady may sell such and so many of its 
engine houses and lots, fire engines, implements and equipments as it 
may deem proper, and apply the proceeds thereof towards the purchase 
of a steam fire engine and its equipments. 

§ 2. The said city may borrow upon its notes or bonds a sum not ex- 
ceeding three thousand dollars, at not over seven per cent, interest, 
which sum so borrowed, with the proceeds of the property said city is 
authorized to sell by this act, shall be applied to the purchase of a steam 
fire engine and its equipments. 

§ 3. This act shall take effect immediately. 



Chapter 168. 

AN ACT to confer additional powers upon the Metropoli- 
tan Police relating to the inspection of steam boilers. 

Passed April 9, 1862; Ihree-fifths being present. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. Every owner of a steam boiler or boilers in use in the 
Metropolitan police district shall annually, and at such convenient times, 
and in such manner and form as may by rules and regulations to be made 
therefor by the Metropolitan Police Board be provided, report to the said 
Metropolitan Police Board at its head quarters, the location of such steam 
boiler or boilers, and thereupon, and as soon thereafter as practicable, 
the Metropolitan sanitary company, or such member or members thereof 
as may be competent for the duty herein prescribed, and may be detailed 
for such duty by the Metropolitan Police Board, but no person shall be 
detailed for such duty except he be a practical engineer, who shall 
proceed to inspect such steam boiler or boilers, and all apparatus and 
appliances connected therewith, and the strength and security of each 
boiler shall be tested by hydrostatic pressure ; and they shall limit the 
pressure of steam to be applied to or upon such boiler, certifying each 
inspection and such limit of pressure to the owner of the boiler inspected, 



494 APPENDIX. 

and also to the engineer in charge of the same ; and no greater amount 
of steam or pressure than that certified in the case of any boiler shall 
be applied thereto. In limiting the amount of pressure, wherever the 
boiler under test will bear the same, the limit desired by the owner of 
the boiler shall be the one certified. 

§ 2. The Metropolitan Police Board shall preserve in proper form a 
correct record of all inspections of steam boilers, and of the amount of 
steam or pressure allowed in each case, and in cases where any steam 
boiler or the apparatus or appliances connected therewith, shall be deemed 
by the board after inspection to be insecure or dangerous, the board shall 
prescribe such changes and alterations as may render such boilers, appa- 
ratus and appliances secure and devoid of danger. And in the meantime 
and until such changes and alterations are made, and such appliances 
attached, such boiler, apparatus and appliances may be taken under the 
control of the police board, and all persons prevented from using the 
same, and in cases deemed necessary the appliances, apparatus or attach- 
ments for the limitation of pressure may be taken under the control of 
the said police board. And no owner or agent of any steam boilers shall 
employ any person as engineer without their having a certificate as to 
qualification from practical engineers, to be countersigned by the com- 
missioners of police. 

§ 3. Any person applying, or causing to be applied to any steam boiler, 
a higher pressure of steam than that limited for the same, in accordance 
with the provisions of this act, and any person violating the provisions 
of the second section of this act shall be guilty of a misdemeanor, and 
wherever any owner of any steam boiler in the Metropolitan district 
shall fail or omit to have the same reported for inspection as provided 
for by this act, such boiler may be taken under the control of the Metro- 
politan Police Board, and all persons prevented from using the same 
until it can be satisfactorily tested as herein provided for, and the owner 
shall in such case be charged with the expense of so testing it. 

§ 4. This act shall take effect immediately. 



Chapter 269. 

AN ACT to amend the charter of ",The Excelsior Fire 
Insurance Company " in the city of New York. 

Passed April 17, 1862; three-fifths being present. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. The Excelsior Fire Insurance Company is hereby autho- 
rized to reduce the number of its directors to twenty-one, instead of forty, 
as provided for by its charter. 

§ 2. All the provisions of said charter in relation to the election* direc- 
tors, and their powers and duties, shall apply to those authorized by 
this act. 

§ 3. This act shall take effect immediately. 

* So in original. 



APPENDIX. 495 

Chapter 300. 

AN ACT to amend an act entitled % 'An act to provide for 
the incorporation of life and health insurance compa- 
nies, and in relation to agencies of such companies," 
passed June twenty-fourth, eighteen hundred and fifty- 
three, and to amend several acts amending the same. 

Passed April 17, 1862. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows: 

Section 1. Section second of the act entitled "An act to provide for the 
incorporation of life and health insurance companies, and in relation to 
agencies of such companies," passed June twenty-fourth, eighteen hun- 
dred and fifty-three, is hereby amended by adding thereto at the end 
thereof the following provisions: 

No company, partnership or association organized or incorporated by 
or under the laws of this or any other state of the United States or any 
foreign government, transacting the business of life insurance in this 
state, shall be permitted or allowed to take any other kind of risks except 
those connected with or appertaining to making insurance on life, and 
the granting, purchasing and disposing of annuities ; nor shall the busi- 
ness of life insurance in this state be in any wise conducted or transacted 
by any company, partnership or association, which in this, or any other 
state or country, makes insurance on marine or fire risks, excepting by 
such foreign companies and associations as shall have already made the 
deposit in the insurance department required for the transaction of life 
insurance business iu this state. 

§ 2. The first section of the act entitled "An act to amend An act en- 
titled ' An act to provide for the incorporation of life and health insur- 
ance companies, and in relation to agencies of such companies,' passed 
June twenty-fourth, eighteen hundred and fifty-three, and the amendment 
thereto, passed July eighteenth, eighteen hundred and fifty-three," passed 
April twelfth, eighteen hundred and sixty, is hereby amended so as to 
read as follows: 

§ 1. Section one of the act entitled "An act to amend an act entitled 
'An act to provide for the incorporation of life and health insurance com- 
panies, and in relation to agencies of such companies,' passed June 
twenty-fourth, eighteen hundred and fifty-three," passed July eighteenth, 
eighteen hundred and fifty-three, is hereby so amended as to read as 
follows : 

No company shall be organized under this act for the purposes men- 
tioned in the first department, with a less capital than one hundred thou- 
sand dollars, and no company shall be organized, for the purposes men- 
tioned in the second department, with a less capital than twenty-five 
thousand dollars. The whole capital of such company shall, before pro- 
ceeding to business, be paid in and invested in stocks or in treasury 
notes of the United States or of the state of New York, or in bonds and 
mortgages on improved and unincumbered real estate, within the state 
of New York, worth seventy-five per cent, more than the amount loaned 
thereon, (exclusive of farm buildings thereon) or in such stocks or secu- 
rities as now are or may hereafter be receivable by the bank department. 
And it shall be lawful for any company organized under this act to 
change and re-invest its capital, or any part thereof, at any time they 



496 APPENDIX. 

may desire, in the stocks or bonds and mortgages or securities aforesaid. 
No company organized for the purposes mentioned in the first department 
shall commence business until they have deposited with the superintendent 
of the insurance department of this state the sum of one hundred thousand 
dollars in United States or New York state stocks, in all cases to be, or 
to be made to be, equal to stock producing six per cent, per annum, and 
not to be received at a rate above their par value, or above their current 
market value, or in bonds and mortgages of the description and charac- 
ter above indicated; and no company organized for the purposes named 
in the second department shall commence business until they have de- 
posited with the superintendent of the insurance department of this state 
the sum of twenty-five thousand dollars, invested as hereinbefore pro- 
vided for the investment of the capital of such company. The superin- 
tendent of the insurance department shall hold such securities as secu- 
rity for policy holders in said companies, but so long as any company 
so depositing shall continue solvent, may permit such company to collect 
the interest dividends on its securities so deposited, and from time to 
time to withdraw any of such securities on depositing with the said 
superintendent such other securities of like value as those withdrawn, 
and of the same character and to be received as those above mentioned. 

§ 3. The second section of the act entitled "An act to amend an act 
entitled 'An act to provide for the incorporation of life and health insu- 
rance companies, and in relation to agencies of such companies,' passed 
June twenty-fourth, eighteen hundred and fifty-three, and the amend- 
ment thereto, passed July eighteenth, eighteen hundred and fifty-three," 
passed April twelfth, eighteen hundred and sixty, is hereby amended so 
as to read as follows : 

§ 2. Section eight of the act entitled "An act to provide for the incor- 
poration of life and health insurance companies, and in relation to the 
agencies of such companies," passed June twenty-fourth, eighteen hun- 
dred and fifty-three, is hereby amended so as to read as follows: 

§ 8. It shall be lawful for any company organized under this act to 
invest its funds or accumulations in bonds and mortgages on unincum- 
bered real estate within the state of New York, worth fifty per cent, 
more than the sum so loaned thereon, exclusive of buildings, unless such 
buildings be insured in a good and solvent insurance company or com- 
panies, and the policy or policies of insurance be assigned as collateral 
security for the moneys loaned, or in stocks or treasury notes of the 
United States, stocks of this state, or of any incorporated city of this 
state, and to lend the same or any part thereof on the security of such 
bonds and mortgages, and upon the pledge of such stocks, treasury 
notes ; provided that the current market value of such stocks or treasury 
notes shall be at least ten per cent, more than the sum so loaned thereon. 

§ 4. Section second of the act entitled "An act to amend an act enti- 
tled 'An act to provide for the incorporation of life and health insurance 
companies, and in relation to agencies of such companies, passed June 
twenty-fourth, eighteen hundred and fifty- three,' passed July eighteenth, 
eighteen hundred and fifty-three," is hereby so amended as to read as 
follows: 

§ 2. Section fourteen of said act is hereby amended so as to read as 
follows : 

It shall not be lawful for any person to act within this state, as agent 
or otherwise, in receiving or procuring applications for insurance, or in 
any manner to aid in transacting the business of insurance referred to 
in the first section of this act, for any company or association incorpo- 



APPENDIX. 497 

rated by, or organized under, the laws of any other State government, 
unless such company is possessed of the amount of actual capital re- 
quired by the sixth section of this act, for companies in this state, and 
the same is invested in stocks, treasury notes of the United States, or of 
the State of New York, or of the State in which said company is located, 
or in bonds and mortgages on improved, unincumbered real estate 
within the State where such company is located, or in such stocks and 
securities as now are, or may hereafter be receivable by the bank de- 
partment ; but all mortgages deposited by any company under this 
section shall be upon improved, unincumbered real estate, worth seventy- 
five per cent more than the amount loaned thereon, which stocks and 
securities shall be deposited with the auditor, comptroller, or chief 
financial officer of the State by whose laws said company is incorpora- 
ted, and the superintendent of the insurance department of this State 
furnished with the certificate of such auditor, comptroller, or chief finan- 
cial officer aforesaid under his hand and official seal, that he, as such 
auditor, comptroller, or chief financial officer of such State, holds in trust 
and on deposit, for the benefit of all the policy holders of such company, 
the security before mentioned, which certificate shall embrace the items 
of the security so held; that he is satisfied that such securities are worth 
one hundred thousand dollars, if the company proposes to transact the 
business referred to in the first department, or that they are worth 
twenty-five thousand dollars, if the company proposes to transact the 
business referred to in the second department. But nothing herein 
contained shall be construed to invalidate the agency of any company 
incorporated by another State by reason of such company having, from 
time to time, exchanged the securities so deposited with the auditor, 
comptroller, or chief financial officer of the State in which such company 
is located, for other stock or securities, authorized by this act, or by 
reason of such company having drawn its interests and dividends from 
time to time, for such stocks and securities, Such company shall also 
appoint an attorney in this state, on whom process of law can be served ; 
and such attorney shall file with the superintendent of the insurance 
deparment a certified copy of the charter of saicj. company, and also a 
certified copy of the vote or resolution of the trustees or directors of 
said company appointing such attorney, which appointment shall con- 
tinue until another attorney be substituted. And in case any such in- 
surance corporation shall cease to transact business in this State ac- 
cording to the laws thereof, the agent last designated or acting as such 
for such corporation shall be deemed to continue agents for such corpo- 
rations for the purpose of serving process for commencing actions upon 
any policy or liability issued or contracted while such corporation 
transacted business in this State, and service of such process for the 
causes aforesaid upon service upon such corporation. Such company 
shall also file a statement of its condition and affairs in the office of the 
superintendent of the insurance department, in the same form and man- 
ner required for the annual statements of similar companies organized 
under the laws of this State. It shall not be lawful for any agent to act 
for any company referred to in this section, directly or indirectly, in 
taking risks, collecting premiums, or in any manner transacting the 
business of life insurance in this State, without procuring from the said 
superintendent a certificate of authority, stating that the foregoing 
requirements have been complied with, and setting forth the name of the 
attorney for such company ; a certified copy of which certificate shall 
be filed in the county clerk's office of the county where the agency is to 

33 



498 APPENBIX. 

be established, and shall be the authority of such company and agent to 
commence business in this State ; and such company or its [attorney 
shall annually, in the month of January, file with the superintendent of 
the insurance department of this State a statement of its affairs for the 
preceding' year, in the same manner and form provided i n the twelfth 
section of this act for similar companies in this State j and if the said 
annual statement shall be satisfactory evidence to the superintendent 
of the insurance department of the solvency and ability of the said com- 
pany to meet all its engagements at maturity,, and that the said deposit 
is maintained as above required and provided, he shall issue renewal 
certificates of authority to the agents of said company, certified copies 
of which shall be filed in the county clerk's office of the county where 
the agency is located, during the month of January in each year ; and 
which renewal certificates shall be the authority of such agents to issue 
new policies in this State for the ensuing year. 

§ 5. Section fifteen of the act entitled "An act to provide for the in- 
corporation of life and health insurance companies, and in relation to 
the agencies of &uch companies," passed June twenty-fourth, eighteen 
hundred and fifty-three, is hereby amended so as to read as follows : 

§ 15, It shall not be lawful for any person to act in this State as agent, 
or otherwise, in receiving or procuring applications for life or health 
insurance, or in any manner to aid in transacting the business of any 
life or health insurance company, partnership or association, incorpo- 
rated by or organized under the laws of any foreign government, until 
such company, partnership or association shall have deposited with the 
superintendent of the insurance department, for the benefit of the policy- 
holders of said company partnership or association, citizens or residents 
of the United! States, securities to the amount of one hundred thousand 
dollars, of the kind required, or which may hereafter be required, for 
similar companies of this State, and shall have appointed an attorney in 
this State on whom process of law can be served ; and the said company 
partnership or association shall have filed with the superintendent of the 
insurance department a duly certified copy of the charter or deed of set- 
tlement of the said company partnership or association, and also a dupli- 
cate original copy of the letter or power of attorney of such company or 
association appointing the attorney thereof, which appointment shall 
continue until another attorney be substituted ; and in case any such 
insurance corporation shall cease to transact business in this State 
according to the laws thereof, the agents last designated or acting as 
such for soch corporation shall he deemed to continue agents for such 
corporation for the purpose of serving process for commencing actions 
upon any policy or liability issued or contracted while such corporation 
transacted business in this State, and service of such process for the 
causes aforesaid upon any such agent shall be deemed a valid personal 
service upon such corporation. Such company partnership or associa- 
tion shall also file a statement of its condition and affairs in the office of 
the superintendent of the insurance department, in the same form and 
manner required for the annual statements of similar companies organ- 
ized under the laws of this State. It shall not be lawful for any agent 
or agents to act for any company partnership or association referred to 
in this section, directly or indirectly, in taking risks, collecting pre- 
miums, or in any manner transacting the business of life insurance in 
this State, without procuring from the said superintendent a certificate 
of authority { which shall be renewable annually,) stating that the fore- 
going requirements have been complied with, and setting forth the name 



APPENDIX 493 

of the attorney for such company, a certified copy of which certificate 
shall be filed in the county clerk's office of the county where the agency 
is to be established, and which shall be the authority of such company 
and agent to Commence business in this State ; and such company, part- 
nership or association shall annually on tbe first day of January, or within 
thirty days thereafter, file with the superintendent of the insurance de- 
partment a statement of all its affairs in the same manner and form pro- 
vided in the twelfth section ot this act for similar companies in this State; 
which statement shall fee made up for the year ending on the preceding 
thirtieth day of June, accompanied also by a supplementary annual state- 
ment duly verified by the attorney or general agent of the company, or 
association in this State, giving a detailed description of the policies 
issued and those which have ceased to be in force during the year, the 
■amount of premiums received and claims and taxes paid in this State 
and the United States for the year ending on the preceding thirty-first 
day of December. Said supplementary statement shall also contain a 
description of the investments of such company or association in this 
country, and such other information as may be required by said superin- 
tendent ; and if the said annual statement shall be satisfactory evidence 
to the said superintendent of the solvency ancl ability of the said com- 
pany to meet all its engagements at maturity, he shall issue renewal 
certificates of authority to the agents of said company, partnership or 
association, certified copies of which shall be fi'le^ by such agents in the 
county clerk's office of the county where the agency is located, within 
sixty days after the first day of January in each year, and which renewal 
certificates shall be the authority of such agents to issue new policies 
in this State for the ensuing year. All such foreign insurance compa- 
nies, partnerships and associations engaged in the transaction of the 
business of life or health insurance in this State, shall annually, on or 
before the first day of March in each year, pay to the superintendent of 
the insurance department a tax of two per cent on all premiums received 
in cash or otherwise by their attornies or agents in this State, during 
the year ending on the preceding thirty-first day of December, upon 
which a tax on premiums has not been paid to any other State, The 
avails of said tax shall be paid into the State treasury, and shall be 
applicable, as far as necessary, towards defraying the expenses of the 
insurance department. In case of neglect or refusal, by any such com- 
pany, to pay said tax, the superintendent is hereby authorized to collect 
the same out of the interest on the stocks and securities deposited by 
such company in the insurance department. 



Chapter 347. 

AN ACT to repeal chapter seven hundred and thirty-nine 

. of the Laws of eighteen hundred and fifty-seven, and 

chapter two hundred and eighty-five of the Laws of 

eighteen hundred and fifty-eight, in relation to town 

insurance companies. 

Passed April 19, 1862. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. Chapter seven hundred and thirty -nine of the Laws of eigh- 
teen hundred and fifty-seven, and chapter two hundred and eighty-five 



500 APPENDIX. 

of the Laws of eighteen hundred and fifty -eight, relating to town insur- 
ance companies, are hereby repealed ; but nothing in this act contained 
shall affect any company or companies heretofore formed or organized 
under said chapters, or either of them, or any rights acquired by such 
company or companies by virtue of such organization or organizations. 



Chapter 367. 

AN ACT* to amend an act entitled " An act to provide for 
the incorporation of fire insurance companies," passed 
June twenty-fifth, eighteen hundred and fifty-three. 

Passed April 19, 1862; three-fifths being present. 

The People of the State of New York, represented in Senate and 
Jlssembly, do enact as follows: 

Section 1. The sixth section of the act entitled "An act to provide for 
the incorporation of fire insurance companies," passed June twenty-fifth, 
eighteen hundred and fifty-three^ is hereby amended so as to read as 
follows : 

§ 6* No joint-stock company shall be incorporated under this act in 
the city and county of New York, nor in the county of Kings, nor shall 
any company incorporated under this act establish an^ agency for the 
transaction of business in either of said counties, With a smaller capital 
than two hundred thousand dollars, nor in any other county in this State 
with a smaller capital than fifty thousand dollars ; noi* shall any com- 
pany formed for the purpose of doing the business of fire or inland navi- 
gation insurance, on the plan of mutual insurance, commence business, 
if located in the city of New York or in the county of Kings, nor establish 
any agency for the transaction of business in either of said counties, 
until agreements have been entered into for insurance with at least four 
hundred applicants, the premiums on which shall amount to not less 
than two hundred thousand dollars; of which forty thousand dollars at 
least shall have been paid in cash, and notes of solvent parties, founded 
on actual and bona fide applications for insurance, shall have been re- 
ceived for the remainder ; nor shall any mutual insurance company in 
any other county of the State commence business until agreements have 
been entered into for insurance with at least two hundred applicants, 
the premiums on which shall amount to not less than one hundred thou- 
sand dollars, of which twenty thousand dollars at least shall have been 
paid in cash, and notes of solvent parties, founded on actual and bona 
fide applications for insurance, shall have been received for the remainder. 
No one of the notes received as aforesaid shall amount to more than five 
hundred dollars ; and no two shall be given for the same risk, or be made 
by the same person or firm, except where the whole amount of such notes 
shall not exceed five hundred dollars ; nor shall any such note be repre- 
sented as capital stock unless a policy be issued upon the same within 
thirty days after the organization of the company, upon a risk which 
shall be for no shorter period than twelve months. Each of said notes 
shall be payable, in part or in whole, at any time when the directors 
shall deem the same requisite for the payment of losses by fire or inland 
navigation, and such incidental expenses as may be necessary for trans- 
acting the business of said company. And no note shall be accepted as 



APPENDIX. 501 

part of such capital stock unless the same shall be accompanied by a 
certificate of a justice of the peace or supervisor of the town or city 
where the person making such note shall reside, that the person making 
the same is, in his opinion, pecuniarily good and responsible for the 
same, and no such note shall be surrendered during the life of the policy 
for which it was given. No fire insurance company organized under 
this act or transacting business in this State, shall expose itself to any 
loss on any one fire or inland navigation risk, or hazard, to any amount 
exceeding ten per cent of its paid up capital. 

§ 2. The eighth section of said act is hereby amended so as to read as 
follows i 

§ 8; It shall be lawful for any fire insurance company organized under 
this act, or incorporated under any law of this State, to invest its capi- 
tal or the funds accumulated in the course of its business, or any part 
thereof, in bonds and mortgages on unincumbered real estate within the 
State of New York, worth Tifty per cent more than the sum loaned there- 
on, exclusive of buildings, unless such buildings are insured and the 
policy transferred to said company, and also in the stocks of this State, 
or stocks or treasury notes of the United States, and to lend the same, 
or any part thereof on the security of such stocks or bonds, or upon 
bonds and mortgages, as aforesaid, and to change and re-invest the same 
as occasion may from time to time require ; but any surplus money, over 
and above the capital stock of any such fire and inland navigation insur- 
ance companies, or of any fire insurance company incorporated under 
any law of this State, may be invested in or loaned upon the pledge of the 
stock, bonds, or other evidences of indebtedness, of any institution incor- 
porated under the laws of this State, except their own stock, provided 
always, that the current market value of such stocks, bonds, or other 
evidences of indebtedness, shall be at least ten per cent more than the 
sum so loaned thereon. 

§ 3. The twelfth section of said act is hereby amended by adding 
thereto, at the end thereof, the following provisions : 

No fire insurance company, chartered by this State, shall hereafter 
divide to its stockholders, in any one year, an amount greater than one- 
tenth of its capital, unless such company shall have accumulated and be 
in possession of a surplus fund, in addition to the amount of its capital 
and of such dividend, equal to the whole amount received by such com- 
pany for premiums on policies which shall be in force at the time of 
declaring such dividend ; and such accumulated fund is hereby declared 
to be the unearned premiums of such company. This section shall not 
apply to any companies chartered by this State, which are authorized to 
issue certificates of profits, and to redeem the same, from future earnings. 

§ 4. The eighteenth section of said act is hereby so amended as to read 
as follows : 

§ 18. Any existing joint-stock fire insurance company heretofore incor- 
porated under the laws of this State, and any company organized under 
this act, having a capital of at least one hundred and fifty thousand dol- 
lars, may, without increasing its capital, at any time within two years 
previous to the termination of its charter, after giving notice at least 
once a week for six weeks successively in a newspaper published in the 
county where such company is located, of such intention, and with a 
declaration, under its corporate seal, signed by the president and two- 
thirds of its directors, of their desire for such extension, extend the term 
of its original charter to the time specified in the twenty -sixth section of 
this act, by altering and amending the same so as to accord with the 



502 APPENDIX. 

provisions of this act, and filing a copy of such amended charter, with 
the declaration aforesaid, in the office of the superintendent of the insur- 
ance department, whereupon the same proceedings shall be had as are 
required in the tenth section of this act ; and any mutual insurance com- 
pany heretofore incorporated or organized under any of the laws of this 
State, having surplus assets aside from premium and stock notes, suffi- 
cient to re-insure all its outstanding risks, after having given notice 
once a week for six weeks of their intention, and of the meeting herein- 
after provided for, in the State paper, and in a newspaper published in 
the county where such company is located, may, with the consent of two- 
thirds of the corporators or members present at any regular annual meet- 
ing, or at any special meeting duly called for the purpose, or with the 
consent in writing of two-thirds of the corporators or members of such 
company, and the consent also of three-fourths of the trustees or direc- 
tors (unless otherwise provided in the charter,) become a joint-stock 
company, by conforming its charter to and* otherwise proceeding in 
accordance with this act ; and every member of such company, on the 
day of said annual or special meeting, or the date of said written con- 
sent, shall be entitled to priority in subscribing to the capital stock of 
said company, for one month after the opening of the books of subscrip- 
tion to such capital stock, in proportion to the amount of cash premiums 
paid in by such members, on unexpired risks in force on the day of said 
annual or special meeting, or the date of said written consent; and 
every company so extended or changed shall come under the provisions 
of this act, in the same manner as if it had been incorporated originally 
under this act. Every mutual insurance company heretofore incorpo- 
rated under the laws of this State, and doing business with a capital, in 
premium notes, of at least fifty thousand dollars, may at any time within 
two years previous to the termination of its charter, without increasing 
its capital, after giving notice, at least once a week for six weeks suc- 
cessively, in a newspaper published in the county where such company 
is located, of such intention, and with a declaration, under its corporate 
seal, signed by its president and two-thirds of its directors, of their 
desire for such extension, extend the term of its original charter to the 
time specified in the twenty-sixth section of this act, by altering and 
amending the same so as to accord with the provisions of this act, and 
filing a copy of such amended charter with the declaration aforesaid, in 
the office of the superintendent of the insurance department, whereupon 
the same proceedings shall be had as are required in the tenth section 
of this act, except as to its capital, which shall be certified to be in 
accordance with the provisions of this section, applicable to the re-organ- 
ization of mutual insurance companies. Every mutual insurance com- 
pany so extended shall, except as to the amount of its capital, come 
under the provisions of this act, in the same manner as if it had been 
incorporated originally under this act. 

§ 5. The twenty- third section of said act is hereby so amended as to 
read as follows : 

§ 6. It shall not be lawful for any fire insurance company, association 
or partnership, incorporated by or organized under the laws of any other 
State of the United States, or any foreigD government, directly or indi- 
rectly to take risks or transact any business of insurance in this State, 
unless possessed of the amount of actual capital required of similar com- 
panies formed under the provisions of this act ; and any such company 
desiring to transact any such business, -as aforesaid, by an agent or 
agents in this State, shall first appoint an attorney in this State, on 



APPENDIX. 50 3 

whom process of law can be served, and file in the office of the superin- 
tendent of the insurance department a certified copy of the vote or reso- 
lution of the directors appointing such attorney, which appointment shall 
continue until another attorney be substituted. In case any such insur- 
ance company shall cease to transact business in this State, according 
to the laws thereof, the agents last designated, or acting as such for such 
corporation, shall be deemed to continue agents for such corporation for 
the purpose of serving process for commencing actions upon any policy 
or liability issued or contracted while such corporation transacted busi- 
ness in this State ; and service of such process for the causes aforesaid 
upon any such agent shall be deemed a valid personal service upon such 
corporation ; and also a certified copy of their charter or deed of settle- 
ment, together with a statement, under the oath of the president or vice- 
president, and other chief officer, and secretary of the company for which 
he or they may act, stating the name of the company and place where 
located ; the amount of its capital, with a detailed statement of its assets, 
showing the amount of cash on hand, in bank, or in the hands of agents ; 
the amount of real estate, and how much the same is encumbered by 
mortgage ; the number of shares of stock of every kind owned by the 
company; the par and market value of the same; amount loaned on bond 
and mortgage ; the amount loaned on other security, stating the kind, 
and the amount loaned on each, and the estimated value of the whole 
amount of such securities ; any assets or property of the company ; also 
stating the indebtedness of the company ; the amount of losses adjusted 
and unpaid ; the amount incurred and in process of adjustment ; the 
amount resisted by the company as illegal and fraudulent ; and any 
other claims existing against the company ; also a copy of the last 
annual report, if any, made under any law of the State by which such 
company was incorporated ; and no agent shall be allowed to transact 
business for any company, whose capital is impaired to the extent of 
twenty per cent thereof, while such deficiency shall continue ; and any 
company incorporated by or organized under any foreign government 
shall, in addition to the foregoing, deposit with the superintendent of 
the insurance department, for the benefit and security of policy-holders 
residing in the United States, a sum not less than two hundred thousand 
dollars, in stocks of the United States or of the State of New York, in 
all cases to be, or to be made to be, equal to a stock producing six per 
cent per annum, said stocks not to be received by said superintendent 
at a rate above their par value, or above their current market value ; 
or in bonds and mortgages on improved, unincumbered real estate in the 
State of New York, worth fifty per cent more than the amount loaned 
thereon ; or in such stocks and securities as now are or which may here- 
after be receivable by the bank department as security for circulating 
notes ; the stocks and securities so deposited may be exchanged from 
time to time for other securities receivable as aforesaid, and so long as 
the company so depositing shall continue solvent and comply with the 
laws of this State, may be permitted by the said superintendent to col- 
lect the interest or dividends on said deposit ; the said deposit shall be 
in lieu of the investments in the name of trustees as heretofore required, 
and upon its being duly made, either by the transfer of the trust funds, 
or otherwise, the trustees shall thereby be discharged from all liability ; 
and where a deposit is made of bonds and mortgages, accompanied by 
full abstracts of title and searches, the fees for an examination of title 
by counsel to be paid by the party making the deposit shall not exceed 
twenty dollars for each mortgage ; and the fees for an appraisal of, pro- 



504 APPENDIX. 

perty shall he five dollars to each appraiser, not exceeding" two, besides 
expenses for each mortgage ; nor shall it be lawful for any agent or 
agents to act for any company or companies referred to in this section, 
directly or indirectly, in taking risks or transacting the business of fire 
or inland navigation insurance in this State, without procuring from the 
superintendent of the insurance department a certificate of authority 
stating that such company has complied with all the requisitions of this 
act which apply to such companies, and the name of the attorney appoint- 
ed to act for the company ; a certified copy of such certificate of autho- 
rity, with statement, must be filed by the agent in the office of the clerk 
of every county where such company has agents, and shall be published 
in the paper in which the State notices are required to be inserted, four 
successive times after the filing of such statement as aforesaid ; and 
within thirty days thereafter proof of such publication, by the affidavit 
of the publisher of such newspaper, his foreman or clerk, shall be filed 
in the office of the said superintendent. The statements and evidences 
of investments required by this section shall be renewed from year to 
year in such manner and form as may be required by said superintend- 
ent, with an additional statement of the amount of premiums received 
and losses incurred in this State during the preceding year, so long as 
such agency continues ; and the said superintendent, on being satisfied 
that the capital, securities and investments remain secure, as herein- 
before provided, shall furnish a renewal of his certificate, as aforesaid, 
and the agent or agents obtaining such certificate shall file a certified 
copy of the same in the office of the clerk of the county in which such 
agency shall be established, within the month of January ; the fees for 
each certificate of authority and certified copy thereof shall be five dol- 
lars. But any oompany organized under or incorporated by any foreign 
government may furnish and file such annual statements and evidences 
in the month of January in each year, made out for the year ending on 
the preceding thirtieth day of June, if accompanied also by an annual 
supplementary statement, duly verified by the attorney or general agent 
of the company in this State, showing the amount of risks written, pre- 
miums received, losses sustained, and taxes paid in this State for the 
year ending on the preceding thirty -first day of December ; said supple- 
mentary statement shall also contain a description of the investments 
of such company in this country, and such other information as may be 
required by the said superintendent. Any violation of any of the pro- 
visions of this section shall subject the party violating to a penalty of 
five hundred dollars for each violation, and of the additional sum of one 
hundred dollars for each month during which any such agent shall neg- 
lect to make such publication, or to file such affidavits and statements as 
are herein required. Every agent of any fire insurance company shall, 
in all advertisements of such agency, publish the location of the com- 
pany, giving the name of the city, town or village in which the company 
is located, and the State or government under the laws of which it is 
organized. The term agent or agents, used in this section, shall include 
an acknowledged agent or surveyor, or any other person or persons who 
shall in any manner aid in transacting the insurance business of any 
insurance company not incorporated" by the laws of this State. The 
provisions of this section shall apply to all foreign companies, partner- 
ships, associations and individuals, whether incorporated or not. 

§ 6. Any fire or fire and marine insurance company, chartered by this 
state, may have a lien, by passing a by-law to that effect upon the stock 
or certificate of profits owned by any member for any debt hereafter to 



APPENDIX. 505 

become due the said company for premiums, by stating that the said 
stock is subject to any such lien upon the certificates of stock or profits, 
and such lien may be waived in writing by the consent of the president 
of said company upon the transfer of any such stock. 

*§ 7. The twenty-fifth section of said act is hereby amended by adding 
thereto at the end thereof the following words : 

Such penalties may also be sued for and recovered in the name of the 
people, by the attorney general, and when sued for and collected by him, 
shall be paid into the state treasury. 



Chapter 370. 

AN ACT to amend the Charter of the Guardian Life In- 
surance Company of New York. 

Passed April 19, 1862. 

The People of the State of JVew York, represented in Senate and 
•Assembly, do enact as follows : 

Section 1. The charter of " The Guardian Life Insurance Company of 
New York " is hereby amended by striking out and removing from said 
charter sections 17 and 18, and is hereby further amended so that sec- 
tions 15 and 16 thereof shall respectively read as follows : 

§ 15. Within sixty days after the expiration of five years from the first 
day of January, eighteen hundred and sixty, and within the sixty days 
next succeeding every term of five years thereafter, the board of direc- 
tors shall cause a general statement of the affairs of the company to be 
made, which shall fully and truly exhibit its property and liabilities, and 
also its profits remaining, after deducting a sum sufficient to re-insure 
and cover all outstanding risks and other contingencies. 

§ 16. The company shall, within sixty days after the expiration of each 
of said terms of five years, pay in cash to the holders of its capital stock, 
in proportion to the amount of stock respectively owned by them, twenty 
per cent, of the profits to be thus ascertained at each succeeding period 
of five years, and shall equitably divide the remaining eighty per cent, 
thereof in cash among the holders of policies then existing for the whole 
term of life, holders of endowment policies then existing, and the holders 
of such other policies as the board of directors may deem advisable, 
excepting such holders of policies as may at the time of the issuing of 
their policies have expressly waived all interest in the profits of the 
company ; provided, however, that the company may in lieu of paying 
such cash dividends to policy holders, apply the amount of the said 
eighty per cent, of the net profits due any policy holder to the payment 
of any note or notes, whether due or otherwise, which the company may 
hold against the said policy holder, paying the balance, if said amount 
be in excess of the amount of the said note or notes, with accrued inter- 
est to the said policy holder in cash. In case of the death of any party 
prior to the declaration of the policy dividend then next ensuing, who 
was insured at the making of the policy dividend then last declared, and 
was then entitled as a policy holder, under the provisions of the charter, 
to an interest in the aforesaid division of net profits, he shall be entitled 
to his ratable proportion of the said eighty per cent, of the net profits, 
which may have accrued prior to his death and since the declaration of 

[Assem. No. 75.] 34 






506 APPENDIX. 

the policy dividend then last declared, to be paid or applied at the de- 
claration of the policy dividend then next ensuing, in the same maimer 
as in this section is heretofore provided for holders of policies then exist- 
ing for the whole term of life. 

§ 2. This act shall take effect immediately. * 



Chapter 4=45. 

AN ACT to incorporate the " American Ship Masters' 

Association." 

Passed April 22, 1862. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. John D. Jones, Elisha E. Morgan, Chas. H. Marshall, Robert 
L. Taylor, Ezra Nye, .William C. Thompson, Moses H. Grinnell, Leopold 
Bierwirth, Elwood Walter, Daniel Drake Smith,Theodore B. Satterthwaite, 
Francis S. Lathrop, Richard Lathers, Alfred Edwards, Benj. C. Morris, 
G. Henry Koop, William H. H. Moore and Isaac H. Uptoo, and such other 
persons as they, or a majority, may associate with them, are hereby con- 
stituted a body corporate, by the name of the "American Shipmasters' 
Association," for the purpose of collecting and disseminating informa- 
tion upon subjects of marine or commercial interest, of encouraging and 
advancing worthy and well qualified commanders and other officers of 
vessels in the merchant service, of ascertaining and certifying the quali- 
fications of such persons as shall apply to be recommended as such com- 
manders or officers, and of promoting the security of life and property 
on the seas. 

§ 2. The said corporation shall have the power to make and adopt a 
constitution and by-laws, rules and regulations, for the purposes, objects 
and government thereof, for the admission and regulation of members, 
for the regulation and payment of fees and dues, and for the management 
of its funds and property, and from time to time to alter, modify or re- 
peal such constitution, by-laws, rules and regulations. 

§ 3. The said corporation may purchase and possess any real estate, 
not yielding an income exceeding five thousand dollars per annum, and 
may apply its funds and property, from time to time, in bestowing pre- 
miums or medals for praiseworthy acts in the merchant service, and in 
premiums or donations for charitable and other purposes, and in such 
other ways as shall seem conducive to the purposes aforesaid. 

§ 4. The business, property and affairs of said corporation shall be 
under the general control and management of a board of managers, and 
the said corporation shall, in and by their said constitution, prescribe 
the power and duties of such board of managers, and of such other officers 
as may be deemed necessary, and the rules and regulations for the selec- 
tion, succession and action of such board of managers and other officers. 
The persons named in the first section of this act shall be the first board 
of managers, and shall continue in office until others are so selected in 
their stead, respectively. 

§ 5. The said corporation may prescribe terms and regulations, upon 
which persons, not members thereof, may participate in the benefits of 
said corporation. 



APPENDIX. 507 

§ 6. The said corporation shall possess the general powers, and be sub- 
ject to the general restrictions and liabilities prescribed in the third title 
of the eighteenth chapter, of the first part of the Revised Statutes. 

§ 7. Its principal office shall be in the city of New York, but it may 
establish agencies, and connect itself with similar associations elsewhere. 

§ 8. The Legislature may at any time alter or repeal this law. 



Chapter 412. 

AN ACT to facilitate the closing up of Insolvent and Dis- 
solved Mutual Insurance Companies. 

Passed April 21, 1862. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. If any controversy or disagreement shall arise between the 
receiver of an insolvent or dissolved mutual insurance company, in the 
settlement of any demand or claim against any member or stockholder 
of the company of which he is receiver, or any other person, or if after 
personal demand for payment of such demand or claim shall have been 
made, and the payment of the sum claimed be neglected or refused, the 
same may be referred to a sole refereo who may be agreed upon by the 
receiver and the person against whom such demand or claim is made, by 
a writing to that effect signed by them, or upon application to any jus- 
tice of the supreme court residing in the district where such receiver 
keeps his office as herein stated; and all controversies relating to such 
receiver's business may be referred to one referee in the discretion of the 
court, such referee shall be appointed upon ten days notice to the adverse 
party. 

§ 2. The referee so appointed shall proceed in a summary manner to 
hear the proofs and allegations of the parties upon written or oral plead- 
ings, and shall have the same powers and be subject to the same duties 
and obligations, and shall receive the same compensation as referees 
appointed by the supreme court, in personal actions pending- therein, 
and upon his report a judgment may be entered in said court, in the same 
manner ; and the supreme court may, on appeal from said judgment to 
the general term, set aside the report of the said referee ; but no appeal 
from such judgment shall suspend or delay the execution thereon, unless 
there shall be filed with the notice of appeal to the clerk of the court, a 
certificate of a justice of the supreme court, to the effect that there is 
probable error in the said judgment, nor unless security be given to the 
satisfaction of said justice for the payment of said judgment and the 
costs of the appeal, if said judgment be affirmed. 

§ 3. All controversies before said referee shall be brought to a hearing 
upon notice to the adverse party, the same as now required by the rules 
and practice of the supreme court. 

§ 4. The referee so appointed, at any time after his appointment and 
without an issue of fact joined, shall have the same power and authority 
to issue a commission to examine witnesses relating to any controversy 
before him as a justice of the peace now has. 

§5. The supreme court shall have power to refer all actions now pend- 
ing therein, wherein any such receiver is a party, and where any con* 



i 



508 APPENDIX. 

troversy arises as mentioned in the first section of this act, such reference 
shall in no way prejudice the proceedings already had. 

§6. The prevailing party shall recover the disbursements to the con- 
troversy only. This act shall not affect the costs already made in actions 
pending, and the costs now incurred in actions pending shall abide the 
event of the action, not to exceed twenty dollars in cases where no judg- 
ment has been entered. Costs on appeal may be allowed in the discre- 
tion of the court, and may be absolute or directed to abide the event of 
the action. 

§ 1. This act shall take effect immediately. 



Chapter 316. 

AN ACT to amend the charter of the Atlantic Fire Insu- 
rance Company of Brooklyn. 

Passed Apkil 17, 1862. 

The People of the State of New York, represented in Senate and 

Assembly, do enact as follows : 

Section 1. The fourth article of the certificate of incorporation of the 
Atlantic Fire Insurance Company of Brooklyn, is hereby amended so as 
to read as follows : 

John D. Cocks, Czar Dunning, G. A. Jarvis, J. S T. Stranahan. Walter 
S. Griffith, J. A. Davenport, Ezra Lewis, Robert H. Berdell, S. L. Husted, 
Nehemiah Knight, J. J. Tan Nostrand, Nathaniel Putnam. Edward Bridge, 
C. C. Roumage, Levi H. Brigham, Curtis Xoble, Joseph W. Green, Sey- 
mour Burrell, Charles Stanton, William W. Wicks, Samuel Osborne, S. 
W. Moore, William L. Cogswell, Joseph R. Skidmore, Jas. W. Martens, 
William H. Slocum, Matthew Yassar, Jr.. C. S. Knight, Percy R. Pyne, 
William M. Wilson, John C. Hoyt, David R. Baylis, John Schenck, John 
Alstyne, Cornelius J. Sprague, William Evans, John Woolsey, Walter 
M. Franklin, Albert G. Lee and E. W. Dunham shall constitute the board 
of directors of said company for the present year, and shall continue in 
office until the first Wednesday of February, in the year one thousand 
eig'ht hundred and sixty-three, on which day, and annually thereafter, 
not less than twenty nor more than forty directors shall be elected by 
the shareholders by ballot, at the office of the company in the city of 
Brooklyn. Each shareholder shall be entitled to one vote for every share 
of stock which he shall have held in his own name for at least thirty 
days prior to such election. Xotice of every such election shall be pub- 
lished at least two weeks immediately previous thereto, three times in 
each week, in two newspapers printed in the city of Brooklyn. 

§ 2. The fifth article of the said certificate of incorporation shall be 
amended so as to read as follows : 

The first board of directors, immediately after the corporation shall 
be authorized to commence business, and the directors thereafter to be 
chosen as soon as may be after each annual election, shall, by the vote 
of at least ten members, convened at a meeting of the board, choose one 
of their number to be president, who shall hold his office until his succes- 
sor shall have been elected. In case of the death, resignation or other 
disability of the president or of any director, the vacancy shall in like 
manner be filled by the board for the remainder of the term or for the 
time being, as the case may require. The first board of directors shall 






APPENDIX. 509 

also appoint three inspectors to conduct the first election for directors, 
and at each annual election thereafter three inspectors shall be elected 
by the shareholders for the like purpose. 

§ 3. The sixth article of the said certificate of incorporation shall be 
amended by adding to the end of the said section the following words : 

"And eight members of the said board shall constitute a quorum for 
the transaction of business." 



Chapter 366- 

AN ACT to amend the provisions of chapters twenty-eight 
and thirty-eight, Session Laws of eighteen hundred and 
fifty-seven, in relation to the addition of cash capital to 
existing funds of the Orient Mutual Insurance Company. 

Passed Apkil 19, 1862. 

The People of the State of New York, represented in Senate and 
Assembly, do enact as follows : 

Section 1. The Orient Mutual Insurance Company having united a cash 
capital to its other corporate funds in accordance with the provisions of 
chapters twenty-eight and thirty-eight of the Session Laws of eighteen 
hundred and fifty-seven, shall be and is hereby authorized to return to 
the purely mutual system, by paying off and returning such cash capital 
at its par value to the holders thereof, provided however, that such com- 
pany after the re-payment of such cash capital shall have capital and 
invested assets amounting to five hundred thousand dollars, or more, 
over and above all debts, claims and liabilities, due and to become due, 
including a reinsurance fund adequate to safely reinsure all outstanding 
risks ; and provided, also, that the written consent to such change of 
three-fourths of the stockholders and of the same number of the trustees 
of the company shall be previously obtained. 

§ 2. The holders of the cash capital shall each be individually liable 
to the amount of the sum or sums so received by them, for all the losses 
under contracts or policies of insurance pending at the time of such re- 
payment which the other assets of the company shall be insufficient to 
discharge, unless the holders of such contracts or policies of insurance 
shall have released them from such liability by assenting to the change. 

§ 3. This act shall take effect immediately. 



SEVENTH ANNUAL REPORT OF THE 

INSURANCE COMMISSIONERS, OF THE 

COMMONWEALTH OF MASSACHUSETTS, 

JANUARY 1, 1862-PART II. LIFE INSURANCE. 



To the Honorable Senate and House of Representatives, in 
General Court Assembled : 

In submitting the second part of their Second Annual Report, 
devoted to the subject of Life Insurance, the undersigned, Insur- 
ance Commissioners, feel that some further apology is due from 
them to tbe legislature, not only for the liberty they have taken 
of dividing the report into two parts, but for the delay in pre- 
senting this part. The division seemed not only a matter of 
economy both of money and time, as has already been explained, 
but absolutely necessary to the usefulness of the life insurance 
report. For by the last of January, while the most important 
part of the labor bestowed on the life insurance returns was 
still far from being complete, the calls at the effice occasioned by 
the demand for the report on fire and marine insurance had be. 
come so frequent as to seriously interfere with its labors. Com- 
parative quiet was restored by the supply of that demand. 

In regard to the delay, so much beyond our own expectations, 
and the period allowed by the law, though not beyond the practice 
of our predecessors in office, we ask leave to say a few words in 
regard to the difficulty and importance of one of the duties first 
imposed upon this office by chapter 177 of the Acts of 1858, con- 
tinued in force by chapter 58, section 10, of the General Statutes ; 
we mean the valuation of policies of insurance on life. Such valu- 
ation must rest entirely on two assumptions ; one as to the rate of 
mortal^, and the other as to the rate of interest that may be ex- 
pected to prevail in the future. The statute leaves the commis- 
sioners entirely at liberty to select their own standard of valuation 
as to both these assumptions. As the utility of the valuation de- 
pends on the correctness of the standard, we have felt it our dut}% 
though it is not expressly enjoined by law, to embody in this Re- 
port all the light that can be obtained on this point from the 
mortuary experience of the companies doing business in this State, 
so far as it can be gathered from the returns of the last three years. 
The additional labor involved in this undertaking has been nearly 
if not quite equal to that of the valuation itself. The legislature 
will be able to judge whether its results are worth the delay of the 
Report, which is all that it will have cost the Commonwealth. 

As to the ordinary labor of the annual valuation, it may be 
proper to remark, that it now requires some seventy thousand 
distinct arithmetical operations, and, after that, the footing of some 
ten thousand pretty tall columns of figures, to get at the aggre- 
gate results. Such is the liability of error, especially in the foot- 
ings and combination of results in tabular form- which is always 
done under the urgency of a desire not to violate the statute, or 
to abuse the forbearance of the legislature unneccesarily — that we 
have always presented these Reports with great diffidence, and 
have to suffer afterwards the mortification of seeing errors, which 
a little more oppoitunity of quiet revision might have eliminated. 
With the enlarged task of the present year, and the command of 
only a single room, where assistants have had to labor, subject to 
the distraction of calls for conversation with the commissioners, far 
more numerous than ever occurred before, we must bespeak in ad- 



vance the pardon of the legislature, and of the insurance com- 
panies concerned, for the imperfection of our work and the errors 
that have doubtless escaped our attention. We attribute at least 
two weeks of the delay, as well as a considerable part of the prob- 
able inaccuracies, to the want of suitable office accommodations. 

Yet, with all these misgivings, we are confident of the general 
correctness as well as utility of the results we have obtained. 
They are of the deepest significance as affectiDg the personal in- 
terests of thousands of people for the present and the future, and 
the duty of those who are rightfully looked to to prevent the abuse 
of public confidence, not only by dishonest men, but by honest 
men unconsciously working dishonest schemes. 

Life Insurance, in this country, is in its infancy. In England it 
dates back more than a century and a half, and was put on a 
scientific basis there just one hundred years ago. The number of 
life insurance companies in the United Kingdom exceeds one hun- 
dred and sixty, aad the amount insured is supposed to exceed 
$1,000,000,000. Besides the above number of companies, a 
London almanac for 1S62 gives a list of fifty-two insurance com- 
panies, nearly all of which are in whole or in part life insurance 
companies, which are at present "winding up under the court chan- 
cery." And at no time within the last twenty years, perhaps, has 
the English court of chancery been without a score of life insur 
ance companies undergoing the slow and painful process of " wind- 
ing up." The wreck of savings and of hopes involved in this 
always increasing and never-ending " winding up" could only be 
atoned for by immense blessings flowing from sound offices. In- 
deed it became sufficiently apparent in Great Britain more than 
twenty years ago, that life insurance, successful, popular and be- 
neficent as it had proved itself to be, was also the most available 
convenient and permanent nidus for rogues, which civilization had 
ever presentee:. To our minds it seems probable that all the other 
thieves in England have not transferred so much value from other 
peoples' possession to their own, as has been dishonestly absorbed 
in the same time by the life insurance companies which have been 
wound up and are now winding up in chancery. The English 
Joint Stock Register Act, passed in 1844, was mainly intended to 
cure this evil. It was found, however, to have the contrary effect. 
The rogues managed through it to obtain a sort of governmental 
endorsement, without making public their real character or that of 
their schemes. This caused the raising of a parliamentary com- 
mittee in 1853 to consider specially the question of governmental 
supervision of life insurance. The committee sat twenty-two days, 
examined the most eminent actuaries and experts in the kingdom, 
and produced a blue-book, chiefly minutes of testimony, of about 
470 folio pager.. The result was so discouraging that nottiing came 
of it and nothing was even recommended essentially different 
from what had already proved a failure. The plan of investigation 
or valuation of policies by government officers, which has been 
suggested, was pronounced by the actuaries impracticable on ac" 
count of the magnitude of the labor, as well as too intrusive to be 
tolerated by the old and powerful corporations. Subsequent at- 
tempts to establish a more effective government supervision have 
also failed, for reasons which may be seen in an interesting article 
on life insurance in the Edinburgh Review for January, 1^59, and 
the robbery and demoralization are going on now as prosperously 
and rapidly as ever. 

Had the legislative opponents of the Massachusetts Act of 1858 
known the existence of the blue-book above referred to, and its 



111. 



presence in this city, they would undoubtedly have defeated its pas- 
sage with ease. This is perhaps one of the few cases in which the 
ignorance of legislators has been beneficial to the statute book and 
the people. 

It is worth mentioning that the Assurance Magazine, the organ 
of the British Institute of Actuaries, the highest scientific authority 
on life insurance, has editorially noticed the Massachusetts legis- 
lation on life insurance with respect, and extracted largely from 
our last Report. What is perhaps still more indica 1 ive of English 
opinion in favor of this mode of public supervision, the weekly 
English journals devoted to the subject of insurance, which at first 
treated with considerable scorn our report on the International, a 
London office, which was then, if not now, considered at home as 
standing respectably well, now hold up the example of the legisla- 
ture of Massachusetts as one to be followed by the British Parlia- 
ment. We refer to these favorable opinions as significant and 
valuable, not merely because they come from the principal focus 
of civilization, across three thousand miles of water, but because 
they come from the chief experts in a country which has had more 
experience than any other of both the good and evil of life insur- 
ance. They would fain to adopt, even at this advanced stage of 
the disease which infects the business with them, a system of su- 
pervision like our own, though it can perhaps be successfully ap- 
plied only where life insurance is, as with us, still in its gristle and 
healthy. 

Notwithstanding the violently disruption of political and social 
ties, and the suspension of amicable relations between the two 
great sections of the country, which characterized the year 
embraced in this Report, the business of life insurance advanced, 
though not so rapidly as during the previous year. The aggre- 
gate amount insured by the nineteen companies doing business 
here was $152,937,587 on the 1st of November, 1861, against 
$151,321,229 in 1860. Thus the new business has on the whole a 
little more than filled the chasm caused by the waj\ which at once 
swept away large numbers of Southern policies from the older 
companies. The values of these Southern policies were not 
wholly forfeited to the companies, many of the holders having 
taken care to surrender before hostilities commenced, and large 
amounts were paid by some of the companies even afterwards. 
The analysis of the risks of each company which follows, will show 
the progress of the business and the standing of the various com- 
panies. As in former years, we had classed the whole-life and 
temporary policies separately. The former are also arranged and 
aggregated according to the dates of their issue in each company, 
giving the net value of the outstanding policies issued by each, in 
each year of its existence, and the ratio of that value to the amount 
insured that year. In all but two cases, any reversionary additions 
which may have been made to the policies are valued with them. 
Additions returned this year by the State Mutual Life Insurance 
Company of Worcester, and by the Manhattan of New York, have 
been valued, and appear separately. 

Some of the more recent organizations have expressed dissatis- 
faction with the synopsis of the standing* of the companies which 
we have reported from year to year, because it has not given 
prominence to the element of guarantee capital. It has been no 
part of our design, in dealing with any of these companies, to 
conceal any feature adapted to inspire public confidence, any 
more than to allow them to conceal what should justly have the 
opposite effect. And we have endeavored to explain the function 



of capital, as well as the reason for large expenses and a small 
show of reserve from premiums, in the case of new companies. 
It would be very difficult, however, to frame a report, so expres- 
sing everything in every paragraph aud table, that sharp rivals 
should not be able to abuse each other by quoting some passages 
and neglecting others. In order to leave as little occasion for 
complaint on this score as possible, we this year present the 
results of our valuation compared with the assets, and receipts, 
and expenses of the year, in two forms: see tables marked [A.] 
and [B.] Table [A.] is a synopsis of the standing of the compa- 
nies vipwed as purely mutual, or answering the questions, What is 
the actual premium reserve after keeping the capital whole? and 
What are the expenses, including what is paid for capital beyond 
the interest received from it? This is designed to show the 
policy-holder where his interest lies, and to enable the public 
seeking insurance to judge between companies wholly mutual, and 
stock companies returning to the policy-holder more or less of his 
surplus premium. Holders of guarantee stock cannot reasonably 
compla n of ibis showing, unless they are willing to consider the 
eapital as bound to keep the actual premium reserve equal to the 
computed : in other words, unless they consider the expenses as 
jroing. after exhausting the loading, to impair the capital, and that 
the capital is to continue impaired till such time as it can be made 
good from the loading or surplus of future premiums. But so far 
as we can understand those charters which authorize capital 
stock, whether or not called guarantee, they do not in any case 
allow the capital to be considered as impaired till expenses or 
losses, or both, have exhausted the whole of the premium fund 
and interest. Till that time, the capital stock is to receive full 
legal interest annually or semi-annually, and in many cases one or 
two per cent. more. We therefore thmk it just, in showing what 
the policy holders, regarded simply as mutual insurers, have laid 
up. to exclude the entire capital. Viewing the matter in this light 
also, the interest or dividend paid on capital, beyond what is re- 
ceived from it, is as much an expense of management as any 
other. Hence, in giving the expenses of the year in table [A.], 
we have aimed to include the balance of outgo for the capital: 
and to make the ratio true to the business, considered as mutusl 
insurance, we have aimed to exclude from both receipts and 
expenses ihe amount of interest received on the capital as an 
investment. If we have been frustrated in any case, it has been 
from want of clearness in the answers to questions 23 and 24 in 
schedule [D.], (see General Statutes, chap. 58,) which we think 
were intended to call forth this information. 

In getting at the net assets in table [A.] our rule has been, as 
heretofore, not only to exclude capital, but all claims against the 
company, whether acknowledged by it or not: to change the 
returned value of securities whenever it differed on the 1st Nov., 
1861, from what we consider good authority for market value at 
that, and to set aside a reserve for the present value of outstand- 
ing annuities bearing the same ratio to that value as the balance 
of the net assets would to the present value of the insurance 
policies. 

In table [B.] we have given a synopsis embracing all the compa- 
nies again, with a view to do full justice to the security afforded 
by capital. In this case the column of net assets is made to differ 
from tf:at in table [A.] only by first adding the capital, which is 
given distinct in the next column, and then reserving for the 
present value of outstanding annuities on the principle above 



w 



SYNOPSIS OF THE STANDING, ON 1ST NOV., 1861, OP LIFE 
INS. COS. DOING BUSINESS IN MASS., CONSIDERED AS 
MUTUAL COMPANIES. 



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VI. 



[B] 

SYNOPSIS OF THE STANDING, ON 1ST NOV., 1861, OF LIFE 
INS. COS. DOING BUSINESS IN MASS., CONSIDERED AS TO 
THE SECURITY FURNISHED BY THEIR ENTIRE ASSETS. 



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Vll. 



explained. The column of receipts of the year, in this table, 
includes all that was received for premiums and interest, and that 
of expenses only those returned as such by the company. 

It is proper to mention that in table [A.] the ratio of actual to 
computed premium reserve placed against the Manhattan Com- 
pany of New York, under the head of I860, is different from and 
much lower than it was given last year. The ratio last year was 
made erroneous, first, by two misapprehensions of the meaning of 
the return, one of them slightly compensating the otlier ; second, 
by an unintentional and unaccountable inclusion of the capital 
with the net assets. In the table on preceding page, we give the 
ratio as it would have stood last year but for these errors. 

After carefully perusing these tables, taking for granted that the 
two assumptions at the basis of our valuation are reasonable and 
safe, and the securities of the companies, sound, which we see no 
reason to doubt, any one can perceive that all the companies at 
the date of the returns were far above the verge of insolvency, 
with no tendency in that direction, in any case, which cannot 
easily be retrieved, if thought desirable. For the safety of the 
policy-holder there is in fact in every case even a surplus of 
secuiity. To him, however, it is an interesting and important 
question, whether the security of pledged capital is as good in all 
respects as that of actual premium reserve, belonging wholly to 
himself and fellow policy-holders ; and this question seems worthy 
of some attention in this Report. 

If we are to be governed by the authority of experts, the testi- 
mony taken by the English parliamentary committee of 1853 
leaves no room to doubt that the only use of capital is in the 
incipient stage of a company, during which it may fairly be said 
to earn something beyond the ordinary rate of interest. But 
after the number of policies and the amount of reserve from 
premiums become large enough to remove any probability of loss 
that will prevent the steady annual increase of the said premium 
reserve, there is no longer any use for guarantee capital. When 
this is true the best policy for the policy-holders, if at liberty 
under the charter to pursue it, must be to pay the capital equita- 
bly for its past services and dismiss it. 

But waiving authority entirely, an inspection cf table [A.] with 
a reference to the similar tables in our former Reports, must be 
sufficient to show — conceding the trustworthiness of our valuation 
of policies, and the soundness of the assets — that of the nineteen 
companies doing business in this Commonwealth last November, 
only three have any need of a guarantee capital. To twelve com- 
panies, which have from J543,000 to $200,000 of it, it is simply a 
present and prospective burden so far as the policy-holders are 
concerned. Of course, to the stockholders it is quite otherwise. 
There can hardly be a happier set of capitalists on earth than one 
which has obtained a right by perpetual charter to insure lives, 
receiving from the proceeds, first legal interest semi-annually on 
stock as a sure thing, and secondly, 20 per cent, of what are 
called profits, that is premiums proving to be surplus, forever, if it 
can once get over the preliminary expenses and difficulties of 
securing a flourishing business. Had the Mutual Life Insurance 
Company o/ New York, which was chartered in 1842 without a 
guarantee capital even to begin with, been organized with a per- 
petual capital, like the seven companies that have come into 
existence in the same state under its General Act of 1853, most of 
them giving the capital seven per cent, interest, and twenty per 
cent, of the profits, and could it in that case have obtained the 



Vlll. 



same amount of business, its stockholders would have realized by 
this time, over and above their semi-annual three and one-half per 
cent., the snug little sum of $800,000 as their share of the profits ! 
As $10,000 would have been abundantly ample for the capital, just 
as good for the policy-holders as more, its interest would have 
proved equivalent to twenty per cent, per annum, wiih a prospect 
of continual increase ! And with all that, it must be confessed, 
they could boast of furnishing insurance on more advantageous 
terms to the policy-holder than the average of that which is fur- 
nished in England, where it is said there is only one company 
which does not profess to be managed on the "mutual plan." 

It is not. however, to be supposed that the Mutual Life organized 
subject to a guarantee capital drawing twenty per cent, of the 
surplus in addition to its interest, could have attained its present 
magnitude in eighteen years. Though schemes of this sort are not 
unlikely to obtain the sanction of State legislatures, and to escape 
the scrutiny of the public while in their incipient stage, they can- 
not ripen into decided success without awakening public attention 
and discussion, first attracting the competition of other capitalists, 
and next causing policy-holders to see how much they may lose 
by not thinking for themselves, instead of imbibing for the whole 
truth the eloquence of insurance agents. These causes will doubt- 
ess operate to check the mischief done by the improvident 
legislation of New York in 1853. Had it produced only two or 
three stock companies, their stockholders mighrhave managed to 
derive large revenues from policy-holders without any risk to their 
capital, pei haps for two or three generations to come. But as 
these companies seem likely to multiply themselves by scores, 
they must provoke public inquiry, which will result in preventing 
• the success of many of them, and compel those that do succeed 
to grant such concessions to policy -holders as will reduce the 
profits of their insurance capital very nearly to the infinitesimal 
value of its risk as such. 

The amount of capital stock, or guarantee capital, held by the 
several life insurance companies doing business in the Common- 
wealth, is given in table [B.] The following is, in brief, what 
information we are able to gather from the charters and returns, 
on the terms on which it is held. The Massachusetts Hospital 
Life Insurance Companj 7 has a perpetual charter, given in 1818, 
and since modified so as to allow it to do other business than life 
insurance. By its charter it is obliged to give a share of the 
profits of its life insurance business, but not of its other business 
to the Massachusetts Hospital. We are not informed whether or 
not this is the cause of its doing so Mttle life insurance. It is 
purely a stock company, Ave believe in that part of its business. 
All the other life insurance companies chartered in this State have 
had guarantee capitals, the stockholders being allowed to choose 
half the directors and to receive seven per cent, per annum inter- 
est, the capital to be returned when one-quarter, in some cases, 
and others, one- third, of the surplus from premiums, with Its 
interest, should amount to a sum sufficient to reimburse it, and the 
company should then become strictly mutual. The New England 
Company returned its capital in full some time since. It still 
remains a burden on three other companies, costing, so far as we 
can learn from the returns, at least one per cent, of its amount 
per annum ; and in the case of the Massachusetts Mutual Life 
Insurance Company, of Springfield, it costs seven per cent. 
($7,000) per annum, since its investment yields the company noth- 
ing whatever, though said in the last return to be: " In cash 



IX. 



invested in mortgages on real estate, unincumbered, $95,000 ; and 
United States Treasury bonds, $5,000." Much to our surprise, we 
have recently learned, from the president of the company, that 
this amount is in reality loaned to the stockholders themselves, 
without interest. By the charter, half the guarantee stock was 
to be paid in money, before the company went into operation, and 
the other half whenever the directors should deem it expedient to 
call for it. It is hardly necessary for us to say that investment 
without interest seems to us a complete evasion of the require- 
ment of the law, that the stock shall be paid in money. We 
cannot believe the legislature of 1851 intended to provide for the 
owners of this capital farther than to guarantee its integrity and 
seven per cent, interest per annum, provided the business should 
prove sufficiently successful. By the indulgence of the company, 
they now receive in effect thirteen per cent., and by thus getting i 
at least six per cent, more than the charter allows, they are post- 
poning the day when the capital can be reimbursed and discharged. 
As to Foreign Life Insurance Companies having capitals, the 
facts seem to be as follows : The- National, of Vermont, is char- 
tered as a purely mutual company, but its directors are authorized 
to raise and employ a " safety fund. The rate of interest is not 
mentioned in the charter, and its continuance appeals to be 
optional with the directors. The same appears to be true of the 
Union Mutual, of Maine, except that the interest prescribed is not 
to exceed six per cent. In point of fact, the company derives no 
interest from the $100,000 of guarantee which it holds, and pays 
for it, as appears by the last yearly returns $3,300. The Charter 
Oak, of Connecticut, is a purely stock company, authorized to do 
business on the " mutual plan," with a capital of $200,000, the 
profits of which are limited by the charter to eight per cent, per 
annum. The Phoenix has a capital of $100,000, limited to a profit 
of seven per cent. The capital of the Manhattan, of New York, 
receives seven per cent, and one-eighth of the profits. The 
Knickerbocker, the first of the New York Life Insurance Compa- 
nies, chartered under the General Act of 1853, appears to limit the 
capital to seven per cent, per annum, without any participation in 
profits, which are divided among the mutual policy-hclders, or 
reserved for their benefit. The Equitable Life Assurance Society, 
of New York, is essentially a perpetual stock company, though by 
its constitution, under the General Act aforesaid, its directors 
may, by a three-fourths vote, authorize policy-holders insured for 
life to the amount of $5,000, to vote personally, (not by proxy,) in 
the election of directors— owners of five shares or more of capital 
stock only being eligible. The annual interest of capital is limited 
to seven per cent., and once in five years each policy-holder is to 
be credited with an "equitable share" of the surplus. The rest 
appears to be left to the stockholders.* The Guardian, Washington, 
Home and Germania, all provide in their charters for a perpetual 
interest of seven per cent., or whatever may be the legal rate of 
interest on their capital, and 20 per cent, of the surplus, whenever 
that may from time to time be determined. 

The ambition of stock-subscribers and stockholders— doubly 
holders, it seems, in some cases— to manage life-insurance may 
be fair and proper, but it will become no less by being better 
understood. To us it does not seem wise for any legislature to 
farm out to capitalists the business of collecting and managing the 
funds provided by the people for their widows and orphans. 
Whenever and wherever life insurance offices are needed they can 
easily and safely be organized by a sufficient number subscribing 
to be insured. 



Though' the returns required of life insurance companies do not 
enable us to determine the exact number of years of life exposed 
to mortality, or the actual deaths that take place among the 
insured in any year, in giving us the whole number of policies 
outstanding and the number terminated by death each year, they 
give the means of arriving very nearly at the ratio of mortality 
experienced by the lives insured in these companies. Policies do 
not exactly represent lives, because the same life may be insured 
in several companies, or by several policies in the same company. 
But this multifold insurance is comparatively rare, and as likely to 
take place at one age as another, so that the errors arising from 
it do not materially affect the general result. Moreover, the stan. 
dard of mortality adopted by us was based upon the policies, not 
lives, of seventeen English offices, so that this source cf error can- 
not render our experience of policies particularly objectionable as 
a test of the probable correctness of that standard. We have, 
however, counted as single policies, or lives, those duplicate or 
triplicate po icies that have been returned by several of the com- 
panies as such. This cause, and the correction of errors, such as 
returning the same death twice, or returning deaths as within the 
past three years which haa taken place earlier, somewhat dimin- 
ishes the number of* deaths — or rather termination of policies by 
death— which are noticed in the following, and the two similar 
tables published in our two previous Reports. 

CLAIMS BY DEATH AGAINST NINETEEN LIFE INSURANCE COMPANIES 
DOING BUSINESS IN MASSACHUSETTS, FOR THE TEAR ENDING 
NOVEMBER 1, 1861. 

m S = c 6 

a = = cz 

COMPANIES. ° £ °^U Ogl 

O g o m O^ 

55 < ^~~ '2~~ 

Massachusetts Hospital 2 $5,000 00 5.44 5.13 

^ew England Mutual 41 117,000 00 96 

State Mutual 22 31.699 23 1.11 1.25 

Berkshire 5 14.000 00 Go 4 B 

Massachusetts Mutual 36 75,900 00 1.33 1.41 

Mutual Lite. N. Y 113 382,507 94 99 91 

Mutual Benefit, N. J S3 295.200 00 1.18 l.lu 

Connecticut. Ct Ill 219.550 00 96 1.07 

National. Vt 13 27.331 IS 1.27 1.03 

Union Mutual. Me 33 63,900 00 1.37 1.65 

Manhattan. N. Y 30 115.598 40 95 SO 

Charter Oak. Ct 19 33,352 00 52 57 

Phoenix Mutual. Ct.. (Ameri- 
can Temperance.) ±2 19.500 00 72 59 

Knickerbocker, N. Y 7 19,500 00 91 90 

Equitable. N. Y 4 9,000 00 37 58 

Guardian, X. Y 

Washington, H. Y 1 5. 100 53 31 

Home. N. Y 3 1 100 99 1.07 

Germania. X. Y 1 5u0 00 11 89 

Totals 530 $1 ,501.542 05 99 97 

* There will be noticed a deficiency of five deaths in this table, 
as compared with tables I. and II. "Four of these are accounted 
for by the omission from this table of th<> experience of the Massa- 
chusetts Hospital Company, which included four deaths occurring 
in the the 19th. 22d. 2oth and 34th years of the policy respectively. 
The other probaby proves an error in tables I. and IL, which there 
has not been time to correct by going over the voluminous tallies 
employed to classify more than 150,000 years of policy by the ages. 



XL 



Collating the returns of the last and two previous years, and 
correcting as mentioned above, we find the death terminations 
of policies in all the companies for the three years from Novenr 
ber 1, 1858, to November 1, 1861, to be 1,364, and the years of 
life exposed to death on all policies in force during those years, 
counting the policies of the deceased as having been in force 
half a year, to be 154,761.05. The tables L, II. and III. give 
the amounts of life exposed and the deaths at all the different 
ages, aggregately, in classes, and by the years of the policy, 
tending to show the effect of selection, and the risk of short 
torm insurance compared with insurance on the whole life. It 
will be seen that, as far as this observation goes, it tends to 
show that in no part of the scale of life, unless it be on the 
earlier years, where the amount exposed is too small to warrant 
any conclusion, is the mortality to be expected quite as high as 
that of the standard adopted for our valuation. The difference, 
indeed, is rather astonishing, and such as we can hardly expect 
to be maintained in the future, as the grand average. In 
fact, we can hardly help considering it an ebb tide. But there 
is room for a considerable flood in the next three years without 
reaching the line of the English experience. 

MORTUARY EXPERIENCE AND OTHER DISCONTINUANCES 
OK WHOLE LIFE POLICIES DIV1CED AMON<* THE YEARS 
OP THE POLICY, SHOWING THE EFFECT OF SELECTION. 



;r .<& 



J . m c^a. 



Y'ear of the Policy. ° g • 13 2.« 8 



tc o * .» « ft =g 



O" 



First 13,483.83 31 .2298 

Second... 22,995.67 120 .5219 4,146 18.03 

Third 16,431.50 102 .6208 1,933 11.77 

Total for 1st three years.... 52,911.00 253 .4782 6,079 11.49 

Fourth 11,791.00 114 .9668 1,269 10.76 

Fifth... 9,588.25 87 .9074 860 8.96 

Sixth 7,651.83 82 1.0716 666 8.70 

Seventh 7,289.00 74 1.0152 541 7.42 

Eighth 6,382.25 59 .9244 428 6.71 

Ninth 6,786.25 66 .9726 393 5.79 

Tenth 7,334.33 106 1.4453 387 5.28 

Eleventh 8,412.42 103 1.2243 278 3.30 

Twelfth 7,380.83 87 1.17S7 269 3.64 

Thirteenth 5,958.00 83 1.3931 205 3.44 

Fourteenth 4,437.33 63 1.4198 143 3.22 

Fifteenth 3,188.42 37 1.1605 136 4.26 

Sixteenth , . . . . 1,938 42 25 1.6237 56 2.89 

Seventeenth 866.00 10 1.1547 23 2.65 

Eighteenth 317.78 2 .6294 14 4.40 

Nineteenth 106.08 3 2.8281 3 2.83 

Total excluding first 3 yrs. 89,428.19 1,001 1.1193 5,671 6.34 
Grand Total 142,339.19 1,254* .8810 11,750 8.25 

It will be noticed by a comparison of the footings that a rigid ex- 
actness of multiplication and division has not been obtained, but 
great confidence is felt that no inaccuracy has been committed 
sufficient to impair the practical value of the results. It is to be 
remarked that in this table the life exposed is grouped in " years of 
policy" as they stand on our Registry, from November to Novem- 
ber. Hence a policy may be counted in its second year which 
has existed but a day, and all the policies of the first year average 
only six months from entry, of the second year eighteen mouths, 
and so on. 



Xll. 



From tables I. and II. it is apparent that the mortality in our 
own companies has pressed more heavily, compared with that 
of the English, on the ages below 40 than on those above it. 
For example, the average age of the whole 154.761 years of life 
exposed was 41.51 years, and the average age of those dying 
from it was 45.27 years, while the average age of the 2.019 that 
should have died from the same amount of life exposed at the 
same ages by the English Combioed Experience table would 
have been 46.20 years, or about one year older. Again, in ta- 
ble II., tbe life policies, from which the first, three years are ex- 
cluded, give the average age of the living 44 years, and the 
average age of the dying 47.98 years, while the average age of 
the dying by the Combined Experience table on the same life 
at the same ages would have been 50.06 years. It is quite re- 
markable that this amount of 89,428 years of exposed life, from 
which we must suppose the favorable influence of selection to 
have nearly, if not quite, ceased, gives a mortality which is, 
to that of the English Experience table, which included the 
benefit of selection — though of course not to so great a degree, 
because their business was not increasing so fast — as 100 to 
131.74. 

Tables II. and III. tend to show that the benefit of selection 
is of considerable importance to the company, making the 
mortality of the first year, or rather by average half year, after 
the issue of the pclicy only a little more than one-fifth what it 
would be on life of the same age three or four years after selec- 
tion, of the second year, averaging a year and a half from selec- 
tion, a little more than one half, and of tbe third year averaging 
two years and a half from selection, after which the benefit of 
selection seems to disappear, only a little more than two-thirds 
what it becomes afterwards. Again, the discontinuances for 
other reasons than death, nearly half of which take place after 
three premiums have been paid, do not seem to indicate that 
the selection exercised by the insured against the company 
produces any deterioration of the residual life. Of course this 
observation, though it were two or three times as extensive in 
point of amount of life exposed, being limited to the earlier 
ages, would not be sufficient to prove that the premiums now 
paid and reserve required are too high, for policies that are to 
cover periods of life not embraced in it.* It only goes to show 
that the present rates are safe for temporary insurance, or such 

* There seems to be no great wisdom in attempting to cover 
with insurance that advanced period of life which, if it needs 
anything, needs endowment or annuity. It will be noticed in 
the tables we give this year, that while short term policies are 
decreasing, temporary insurance, coupled with endowment, is 
increasing. It is also worth mentioning that the largest com- 
pany embraced in our report has, since the commencement of 
the present year, put forth an admirable plan of granting de- 
ferred contingent, or survivorship, annuities, an example which 
cannot fail to be fallowed by other companies when the public 
becomes awakened to the fitness and advantages of such provi- 
sion for the future. The wisdom of allowing whole-life policies 
to be converted into such annuities, or into temporary in- 
surance with deferred annuities, or endowments, on the lives 
insured, we think is unquestionable. 



Xlll. 



as does not extend beyond what is usually covered by endow- 
ment policies, or that for which the companies may become 
bound by chapter 186 of the Acts of 1861, to regulate the for- 
feiture of policies. It would be very difficult, in face of these 
figures, to show that any injustice would be done to any life 
insurance company in this State by allowing any member or 
insured party at any time to convert his whole life policy into 
a temporary insurance for the same amount, according to the 
provisions of that Act. And nothing can be plainer than that 
no additional premium can be requisite from any new member 
to enable the company to meet the responsibility imposed by 
that law. * 

We cannot but indulge the hope that this view of the mortu- 
ary experience of the nineteen companies doing business in this 
State — including the mortality of policies by discontinuance as 
well as by death — will considerably relieve the apprehension and 
despondency with which at least three of our home companies 
have viewed the legislature of last year. If they could be fairly 
reconciled to it as a prudent and safe as well as equitable, they 
would no doubt use it with great effect, both at home and 
abroad, to increase their business. The advantage of policies 
which are legally secured against any forfeiture of their net 
value, is too great to be thrown away for any very slight appre- 
hension. It might easily be made to attract business far more 
than sufficient to compensate for the lo^s of any profit that conld 
accrue to residual members from the forfeiture of policies. Yet 
three companies, the New England, State Mutual, and Massa- 
chusetts Mutual, have completely thrown away this advantage 
during the last year, and ventured upon a rather dubious 
evasion of chapter 186 of the Acts of 1861, by inserting in their 
Applications the following conditions : 

'' In case said company shall not charge the applicant any 
extra premium on account of any Act passed, or that shall be 
passed, for a continuance of the risk after forfeiture of policy 
by non-payment of premium ; and, should a policy be issued 
hereon, shall admit bim to participate in the net proceeds of 
such forfeitures of policies, of a date prior tojfay 10, 1861, upon 
equal terms and conditions with the parties to such policies, 
said applicant acknowledges such privilege and benefit to be 
an equivalent substitute for all riajht to such continuance, and 
accordingly agrees to indemnify said company against any claim 
thereof; and that any policy issued on this application shall be 
subject to and stand pledged as security for this agreement ; 
the applicant being desirous to be thus upon an equal footing 
with such prior members.'' 

This proceeds on the assumption that the legislature has no 
right or power to forbid a corporation's making any contract to 
which it can persuade an individual to become a party, a ques- 
tion which will probably have to be divided by the judicial 
department of the government when a case arises. Leaving 
that question to the courts, we have to say that the authors of 
this ingenious mode of defeating the statute seem to have for- 
gotten the arguments with which they opposed its enactment. 
They contended strenuously before the law was passed, that 
there was no profit from forfeited policies. Now they promise 
a participation in the proceeds of such forfeitures— of policies of 



XIV. 



a date prior to the lasv, and why not of others too ? — as a consid- 
eration of relinquishing the benefits the law was intended to 
secnre, and indemnifying the company for any damage it may 
incur in its attempts to violate it. If we are to believe them 
sincere in what they said against the passage of the law, how 
can we acquit them now of enticing people to drop a substance 
for a shadow? We will not say that they were insincere in 
telling the three legislatures of 1859, I860 and 1SG1 that they 
made nothing, or nothing to speak of, from forfeited policies 
But we believe they are quite sincere now in thinking that they 
do not offer a shadow, but a valuable substance, when they offer 
a participation in the future forfeiture of policies. By the 
same token, the law has a valuable object, which should not be 
lightly surrendered by those who are the guardians of the rights 
of individuals and minorities as well as of the majorities of 
flourishing and powerful corporations. There is no doubt at 
a!l that a majority of the mutual life insurance company may 
make a considerable profit from the forfeiture of wbcde-life or 
endowment policies by a minority of unfortunate members. 
In another country, indeed, this has been a large source of 
profit, and a favorite one to the managers, because it has enabled 
them, better than anything else, to cover up bad management 
and extravagant expenditure. But in a country presenting so 
wide a field for life insurance as ours, and so full of intelligence 
to distinguish between fair play and the reverse, it is a very short 
sighted policy — even in a mercenary view — to seize such a 
profit. It is far better, and more likely to pay the company in 
the long run, that every man insured, whenever and for w ha 
ever reason he discontinues, should be sure to get as near as 
may be all the insurance which he has actually paid for. He 
can in no case get more by the Act of 1861. 

By recurring to the synopsis marked [A.] in this Report, the 
reader will find the net assets, exclusive of capital, of each 
company in one column, and the net value of its outstanding 
policies in another. The net assets generally, considerably 
exceed the net value of the policy. To these net assets each 
member of a mutual company has a right just in proportion as 
the excess of his premiums with their interest, over the 
annual risk of his life, or in other words, over paying his share 
of losses and expenses, have contributed to produce the amount . 
But the moment any one fails to pay his peridoical premium 
when due, he forfeits his right, even under the act of 1861, to 
any share in that portion of the net assets which is in excess of 
the net value of the policies. That is in the New England 
Company as it now stands, he would forfeit more than one-third 
of his whole interest in the company. All that the law intends 
to or can secure to him — provided the company should have the 
condescension to submit to it— is his share in that part of the 
net assets which stands cent per ce.it. against the net value of 
its policies, to wit, precisely the net value of his own policy, or 
what he has paid the company in ca*h beyond the average cost 
of insuring his life thus far. The law does not compel the 
repayment of this in cash, but requires the company to continue 
the insurance of the same amount for a certain length of time, 



XV. 



for which the net value of the policy is ample premium. Thus 
the law only aims, so far as an insurance company has a pre- 
mium reserve above par, to secure to the policy-holder a part 
of his equitable right. It is not easy to see why any company, 
while it has assets sufficient either from premiums or capital, 
should be allowed to give any man less insurance than he pays 
for, or to entice people into contracts of the nature of bets, 
which they cannot be expectea in the majority of cases fully to 
understand. There is not a company in this Commonwealth 
which cannot to-day with perfect safety award to all its policy- 
holders the full security which the Act of 1861 intends to 
secure for the future, and which would not be the stronger and 
grow the faster for it, without at all raising its premiums. 
Such at least is our thorough conviction. 

So gravely and persistently was it argued last year against 
the law to regulate the forfeiture of policies, that it imposed 
an intolerable burden upon the companies, in the shape of 
clerical and mathematical labor, to ascertain and keep on the 
books their liability under it, that we have deemed it our duty 
this year to furnish some further light on that point. Appen- 
ded to our fifth annual report was a table giving the term of 
insurance due on lapsed whole life policies when the premiums 
had been paid in cash. But cases may arise under the law 
where the premium may have been partly paid in notes, or the 
forfeited policy may have been for a shorter term than life, or 
have included an endowment, or the premiums may have been 
payable for a limited number of years. The net value of any 
such policy at the time of forfeiture being ascertained, and any 
notes due the company deducted, the law regards the balance, 
after throwing off one-fifth as li loading,'' — compensation to 
the company for doing the business— as a net single premium 
of temporary insurance ; and the question is, how long it will 
pay for insuring the same sum considering the present age of 
the party ? As a ready means of answering this question in 
all possible cases we have computed and annexed to this report 
a table of single premiums at all ages, for any number of years 
within the limits of the combined experience table of mortality. 
The following case will illustrate the use of this table. A 
person at the age of 45 forfeits a policy for $2,000 of which 
the net value at the time of forfeiture is $250. The company 
holds his premium-note for $150, leaving $100 net to his credit. 
Deducting one-fifth, $80 remains as the net single premium. 
Dividing it by the number of hundreds in the sum insured 
there will $4 per cent. By entering the table at the age of 45 
we find that $4 will insure $100 at that age, for more than 
three years and less than four. That is, not to regard extreme 
exactness here, $3.52 will insure it for three years, and $4.69 
for four years. As the difference, $1.17, is to 364, so is $0.48 
to 150 days, very nearly. Hence the policy will continue 
good against the company for three years and 150 days. If a 
company wishes to know how long it is liable to pay in case of 
the death of any holder of a lapsed policy, it has only to 
" work this sum '' whenever a policy lapses and" enter the 
result on its books. The business seems about as easily 



managed as any case of temporary insurance, and seeing that 
the whole gross premium is already in the company's treasury 
well invested, and no commission is to be paid to any agent 
for collecting it, and no additional expense or delay incurred 
in investing it, S20 would seem ample pay for doing the busi- 
ness. 

After the abstract of returns and tables [A.] and [B.] were 
printed, we received notice from the President of the Manhat- 
tan Life Insurance Company of New York, that the followirg 
items had been omitted from its return of assets, November 1, 
1861 :— 

Interest accrued. $6,452 69 

Rents accrued, 1,200 00 

Premiums due and unpaid on policies re- 
turned as in force. 40,500 00 

Total, $48,152 66 

Correcting the net assets in table [A.] by the above would 
make them $946,319.48, and their ratio to the computed pre- 
mium reserve 110.82, instead of 105.19, as stated in that table. 
A similar correction of table [B.] would make the net assets 
therein $1,045,812.09, and the ratio 122.47. It ought to be 
understood by the officers of all Life Insurance Companies, 
that for the purposes of this valuation at least, no item of assets 
is more genuine or returnable than income accrued on well 
invested capital, or than premiums due and not yet received on 
policies returned as in force. In many cases where we have 
seen reason to suspect the omission of these items, we have 
invited a correction of the return. In some cases, however, in 
which they are not specially named, we are inclined to be 
satisfied that they must be included, if they exist, in other 
items. 

Since the 1st of November, 1861, the United States Life 
Insurance Company of New York has complied with our laws ; 
and having satisfied ourselves, by a personal examination of its 
office in New York, that it has the funds required by our law, 
and ample to meet all its liabilities, we have admitted it to do 
business in this Commonwealth. The preliminary statement of 
the company, as to its assets, is given in the abstract, and the 
data of its policies now in preparation will enable us to give 
their value in our next Report. 

In regard to the Life Insurance Companies of New York, we 
are happy to be able to say that Mr. Barnes, the faithful and 
efficient Superintendent of the Insurance Department of that 
State, has taken measures to add to his elaborate annual inves 
tigation of their assets and securities a valuation of their 
policies on a plan similar to our own. Should this design be 
carried out. it will be very desirable that some arrangement 
may be m^de between the States, by which the companies may 
be saved the labor and expense of furnishing the data of their 
policies to more than one State, and a single annual valuation 
of each company may be made to suffice for all the States, as 
this is obviously a work which, if well done in any one State, 
need not be repeated the same year in other States. 

All which is' respectfully submitted. 

ELIZUR WRIGHT. 
GEO. W. SARGENT. 

Boston. March 20, 1862. 



XVil. 



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28 



scrip and 
idends for 
ot added 

icies. 



ne. 

57 08 
V2 42 
55 76 

)8 15* 

3 41 



Aggregate liabili 

ties, exclusive 

of capital stock. 



$2,630 

25,429 72 
2,745 

58,514 62 
119,415 25 
869,268 03 

5,212,872 42 

1,932,776 42 
850,850 
395,153 11 

188 33 



>,467,842 50 



72,500 ■ 
3,216,390 

329,207 33 
3,005,547 11 

192,746 14 

1,652,305 33 



17,936,539 47 



^137,419 3 5 
349,126 10 2 



TRANSACTED I3S 
ES, AND ENGLIS1 





No. of short 




term poli- 




cies iss'd in 


Amount. 


year. 


$138,500 


21 


793,500 


7 


292,300 


17 


698,500 


10 


80,500 




1,011,550 


18 


$3,014,850 


73 


Not spec'd. 




£52,187 10 





Amlly anur 
m sysai 



$47, ; 

6iths af 
39, Scri 



3'MOuat 

53, 

'om J 



\u 



e< 
at 

O! 

$lS2,_ Pr l 

iu 

to t e 
appl ir 
owarp, 
3 per 



?A IVIES. 

enrv B. Hyde ; Sec'y. 

Office 92 Broadway. 

y Fred'k Schwendler. 

. Gahagan ; Actuary 

Office Court street, 

en. 106 Broadway, 
ople ; Assistant Sec'y 

itt ; Actuary Sheppard 



New Yor 



New Yor 



ed $'& 
tared^ 



United S 



id pc* 
ent. 



WASHINGTfjOet 1 "* 

AGENC1 Div^J 
-. ti 
luct 



;em 



Ja 



LIFE INSURANCE IN NEW YORK STATE IN 1861. 

SYNOPSIS OP THE RETURNS OP LIFE INSURANCE COMPANIES DOING BUSINESS IN THE STATE OP NEW YORK, FOR THE YEAR 

[From "Walt- Street Underwriter," Supplement, April, 1862.] 



ENDING DECEMBER 31, 1861. 









ASSETS AND INCOME. ' 






CS AMI SURRENDERS. 


DIVIDENDS AND EXPENSES. 






NEW BUSINESS OF Till: Yi:U! 15 








OLD 


llt'SISESS TICK 


" SA 


[■ED IN 1861. 




IT RISK. 




LIAB 


L1TIES. 




of. 


1.— New York Companies. 


harfd Capital 


--Ei ? - 


Mflp.ll.dpt.. 


™™ 


Slur- 


s~ 


ai S| politic™. '"' 


SSa-S a '° 


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•ssjiSi* 


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iULSK 


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o??s«|s 


&LK 


|i™»: 




24 


io 


' v ;;:;,:',.:;!;;:i ::il. 


2! 


28 
./•Ajjjy ratal - 


1S5P 

M',n 

15*0 
1553 
1850 


,: Life Ass. Society 

, . mair-i Life Ins. Co 

Ionic Life 

Manhattan Life 


$100,000 

20(1,000 

liV.ooo 

100,000 


202^1 1 69 
126,851 90 
11)9,418 86 
2,2,481 12 


$100,082 43 
30,063 54 
28,841 
18,591 65 
551,463 06 
381,533 36 


$103,429 91 

3l',322 05 

12',500 
450,094 10 


$1,500 
500 

6,000 
16,934 
111,003 191 
2,214 j 
308,400 ) 


$3,000 

' 1,000 
11,000 


$2,835 84 
126 13 
1,034 99 
3,535 41 
3,652 30 

10,050 84 


$6,736 92 

' 4,235 

8,150 

6,801 51 
16,000 


53,416 91 


$28 663 61 
2ti,861 08 
19,810 36 
21,348 99 
18,1119 32 
11,368 14 


$48,130 43 
22,093 21 
25,019 45 
45,034 46 
46,503 13 

348,243 81 


5:i( 

231 

'.'1 
1135 


$1,416,100 
031,000 
491,850 

1,990,500 
120,400 

2,533,550 


40 
25 
19 

22 
24 


$133,050 
04,600 
18,800 
51,300 
29,950 


69 

11 

5 
8 


$212,500 
20,415 
11,000 
35,500 
102,500 
21,914 


251 
903 


SI.S22.25II 

5!I3 1 I',50 
2.1)53,30(1 

2,599^494 


218 
4S 

2(15 
2(11 
235 


$666,600 
140,200 
029,400 
410,600 


I. 

121 


$111,150 

210753 


392 


$HS4,000 
1,034,354 
932,650 

2,69(1,1(10 

12l532)l2,') 


None. 

N 

2,000 

None. 
14,500 
12,300 


$25,201 (14 


$2,630 

2)745 
56,514 62 

860)268 03 






8 060 910 47 


1,111,189 12 

505,394 11 
51,169 31 
193,425 80 




23,915 85 


222,809 32 








143,S20 11 




3,419,515 


None. 




101 


336,150 


1,221 








"no 


649 ''50 


1" 111 


38,200,417 

10,419,859 
850,850 
0,512,319 


96,000 
32,500 
33,500 






1845 Sen York Life 

1830 X. T. Life Insurance & Trust Co 
BMHUnitea States 


'100,010 


a!23t;'.|5(i 49 
804,858 09 


Not specified. 
231,154 94 


30,112 35 S 
163,815 10 
31,000 
41,335 52) 


5,602 23 

Not specified. 
10,500 


14,659 13 
None. 
20,115 86 


10 per 'cent. 
1,119 


124,330 84 


Xot specified. 
41,616 18 


'134,318 Oil' 


1 161 

11 


3,109,050 

28,500 

1,151,250 


13 

52 


89,050 
22,300 
116,300 


11 
1 


6,150 
20,000 


'~23 
110 


3,204,850 

50,800 

1,353,550 


30 
XT.R, 


2,913,450 
104,300 
1,411,425 


113 

x.i'i 


301,000 
94.400 
392,3(10 


5,131 

nIr. 


1,249,840 43 

299,955 511 


028,385 10 
lol(!9s"l5* 


5,212,S72 42 

1,933,110 42 
850,850 
395,153 11 


1860. Washington 


125,000 


150,298 80 


39,982 23 


45,543 89 


5,000 







9,485 




20,016 58 


34,5111 55 


11! 


419,150 


24 


84,500 


22 


18,150 


225 


013,000 


15 


193,850 


21 


108,000 


438 


1,381,250 


None. 


Not valued. 






$1, 015,000 


15,546,431 92 


2,591,342 33 


3,215,299 10 


131,625 99 


55,018 08 


412,019 58 


59,133 43 


118,125 88 


506,859 04 


1,910,032 13 


:,li,;: 


16,169,525 


210 


180,450 


292 


852,169 


6,528 


11,802,144 


4,061 


14,188,915 


608 


2,283,803 


25,512 


80,114,661 


250,800 


1,458,530 40 


149,313 41 


9,401,843 50 




2,-Cotnpanies of Other States. 




























































1848 

V:l 
154, 
l5.il 


Aiinri-iii Mutual, New Haven 

Connecticut Mutual, Hartford 

Massachusetts Mutual, Springfield 
Mutual Benefit Life, Newark, N.J 
National Life, Montpelier, Vt . . . 


None. 
None. 
100,010 
None 
43,000 


331,219 

4,25:1,50:; no 

435,90:1 00 

4,0455,415 33 

291,540 24 


93,215 14 
813,174 10 
160,148 43 
126,399 40 

53,055 22 


110,546 12 
1,061,381 31 
181,586 11 
950,638 20 
68,301 13 


36,051 13 

50^400 
243,185 95 
23,500 1 


4,600 
Not specified. 
9,000 
2,011 
2,500 


1,542 66 
84,262 35 
19,266 66 
111,913 14 
3,190 31 


' V.'ooo 


1,123 16 
204,658 

11,534 16 
204,096 26 

2,512 20 


24442 OS 
80,510 90 
0,324 08 


62,548 4V 
613,114 15 
121,il43 511 
(153 5 13 25 

11,519 ul 


105 

[0 
601 

861 


189,150 
3,004,225 
1.281,350 
3,131,400 

118,100 


38 
56 
49 
25 


63,500 
86,600 
99,400 
02,000 
1,800 


13 
3 


' 30,500 

10,000 
6,300 


1,143 
894 


3 1 0!lo',S25 
1,386,150 
3,203,40(1 
192,800 


96 

481 

1.29(1 


2,344,160 
1.0411,9.51) 
4,132,1135 
110,500 


IS 
64 
88 


128,100 
15,000 

13s[05O 

53,500 


It)', 151 
2,691 

1,128 


3,131,849 

2(1,398,145 
5,1311,1,30 

23,S5S,:J53 
1,084,259 


89l3 
29,000 
135,8(10 


Not valued. 
2,832,155 

2511,839 S3 
3,3 19,(111- 5,1 


31,000 

-lolsii 5(1 
050,0111 01 


12,500 
3,216,390 

329,201 33 
3,005,541 11 

192,146 14 


184 


New England Mutjal, Boston. . . 


Cap. return - !. 


2,183,867 41 


418,291 86 


581,423 20 


103,300 


28,500 


28,02695 




Not div'd year 


50,219 82 


210.0411 11 


811 


2,309,100 


106 


246,115 


33 


90,000 


950 


2.046,415 


415 


1,296,950 


— " 


524,000 


5,221 


16,418,149 


9,000 


1,020,138 00 


14,111 21 






2,018,00 

Anth'd cap 

£2,0011,01.1 
£2,000,00 




4,914,621 IS 


6,235,236 49 


1,432,966 23 


101,695 08 


666,341 11 


69,512 63 


009,259 20 


118,811 83 


3,028,101 88 


' : 


26,210,650 


559 


1,340,525 


348 


988,969 


10,456 


28,600,1-14 


1,292 


24,539,261 


3,436,108 


54,185 


164 368 840 




14 685 590 99 


1,069,212 19 


11,936,539 41 




3.— English Companies. 
























































,, a Lo d 


£1,259,826 2 
844,544 16 . 

r4 


£131,121 10 
| 91,143 


6 £185,218 6 
101,926 13 1 


£16,029 4 10 
£19,115 16 81 


Not specified. 
£1,199 6 8 


£3,S88 19 11 
S21 11 1 


£56,153 8 

Xot div. period 


teed on policies 
Not div. period 


£11,161 11 8 
10,300 


£91,619 16 5 
32,939 14 11 


16- 
[02! 


£451,913 13 4 
481,801 3 9 


Nn[ spee'd 


£39,529'li 8 


54 

91 


£14,412 15 1 


1,12 


£453,893 3 (1 
541,809 11 11 


4 25 


£245,1S1 10 


10 
50 


£628 13 

£20,45(1 111 8 


1,005 
6,-105 


£4,202,415 1.3 4 
2,998,142 8 8 


£28,126 16 11 
5,391 13 ■! 


£101,185 1 3 
313,134 16 10 




0131,419 3 6 
349,120 10 2 


1S4 


Royal Ins. Co., Liverpool 



SYNOPSIS OF BUSINESS TRANSACTED IN N. Y. STATE BY COMPANIES 
OF OTHER STATES, AND ENGLISH COMPANIES, IN 1861. 



1. Companies of Other States. 


K £;JX!'*'' 


Aiue.ol. 


<:-vf 


ifm , 


S'...nli:,„l'l 


An,™.. 


v,K r 


*38SS" 


America,, Mnlnal, New Have,,.. 

NewKn^umUloliiai, 11*1.... 


245 

no 

39 
324 


5138,500 
793,600 
292,300 
698,500 

l,01l|s80 


21 

7 

n 


$47,000 

6J500 
39,000 
37,000 

63i300 


7 
3 


11,000 
10,000 


Notret'd. 
3,003 

2,259 
181 
1,329 


$8,491,575 
I,4ti9,i00 
7,671,100 

301,761 73 
5,092,750 


TOTALS 

2, English Companies. 

, iverpool mill London 

noyal, of Liverpool 


093 


$3,014,850 

L'52,187 100 




$182,800 


28 
1 


$72,500 
(3416 13 4 


135 


$23,027,286 73 
£155,150 



officers or new yokk companies. 

EmiiTAin.i: — /V...s. II. .ii V7m. 0. AJeximdor ; IV /Ye* Ilcniv II. liy 




Hew York Life— Pres. Morris Franklin ; Seo'y and .aodrary Pliny Freeman. 

Office 1 12 Broadway. 

New York Life am. Tiusr — i'.vs. David Tlmiiipjuii ; ,«,■';/ Philip E. Kearney. 

Office 25 Wall street. 
UsriED States.— iVes. J"sc]ili li. Collins ; St';, .Mm Eadic ; .Icfiiary IV Or. 

Dc Groot. Office 40 Wall street. 
WamnvctoV —l'n/ Cvrils dirties ; .■lc/im,',/ W,n. A. Brewer. 94 Broadway. 
aUli.NCIFS--AviFiiic.iM Mitiai, 1'. I). Wliittemoro, 111 Broadway. 
Connfciictt Mitiai W S. Dunham, 104 Broadway. 
Ma-si. lirsi lis Mi ii'ai, .lames C'arpentc, 240 Bromlvva) 
Motuai. Benefit, J. L. k J. P. Lord, 11 Wall street. 
Nfw Fvgi.vm. .I..I111 Hi. |'|. ..■!■, 110 Broadway. 
Lwerfool ami Londox, Alfred Pell, 50 Wall street. 
Royal, A, B. MaeDonald, 56 Wall street. 



NOTES— Explanatory of Dividend and Premium System, &c. 



NEW YORK COMPANIES. 

EQUITABLE, N. Y. Profit Dividends declared qainqni 



GERMANIA, N. Y. Prodi Dividends declared -lure 
pirulion ol ISLl-ellenvanls Irieniiiully." To be declni 
interest redeemable at SOOci.OOO oat of profits beyond 11 



.ere, 



GUARDIAN, N. Y.-Pront r. 



trlcnniully from Jan. 1. 
cntsl.OUl.OtlO.-Pi'einium 



HOME, N.Y.— Dividend- (a. el,. eHiSders. I el.niary and All-list; lo tile as- 
sured annually on all policies which have run one year, applied lo 



KNIOKERBOf .1 1 

annually; policy dividends aa'Uiilly alte 



eilSZS.HU; 



reversionary with ,,., laics, i'leiniiun --;, -F in ca-h .mil :!U per cent. hide. 

MANHATTAN, N. Y.— Reversionary Dividends declared sr.i7.0G0, ;. aid 

SJ.-ll ; tseisp Dividends ivs.iu. ;ls. paid $t,sssDt>; Protit Dividend. 

declared trieanially, aod added lo policies, or applied in redaction est 



NEW YORK LIFE.-Amolint of profit dividends declared S9j6,«S 98, 
NEW YORK LIFE AND TRUST.-Dividends lo stockholder, only, 



j policy. The number o! 



OTHER STATE COMPANIES. 

AMERICAN MUTUAL.-Dlvldeni 



, so that the Company 



CONNECTICUT MUTUAL. 




ii ass a, ■tinsKrrs ,i,;i!Ti.r \r,. -ti,,- i\ ,i..„,,. 



MUTUAL BENEFIT.-T' 



NATIONAL, VERMONT.-Revereioiiary prollt dividends declared 



NEW ENGLAND MUTUAL.- 



ENULISH COMPANIES. 

LIVERPOOL AND LONDON.-Thc date of ruination of policies u 
stated in return i. December :11st. Is;,!) ; amount of bonus or protitdivideod 

declared is not civen in leliirn, l.n! il i- staled ll,.,t ilie div ml sv,l„, i, 

» Bonuses by ii.l.lie I.. Sam insured which may be commuted for redac- 

Twenty-sixth Annual Meeting, in Liverpool, on 13th February, 1S62, 






NEW COMPANY. 

SECURITY LIFE, N. Y.-This Company with a cash capilsl of 
SlOll.llOU commenced business in .fnniiury, 1862. President Robt.L. Can; 
Vice-President Theo. It. Wei mo re ; Secretary Isaac H. Allea ; Achurj 
Caroy Murdoelc. (Itlieedf I'itie 8lcect; 80 per cant, profits to assured, 



I 






ENGLISH COMPANIES. 

LIVERPOOL AND LONDON.— The date of valuation of policies as 
stated in return is December 31st. 1 859 ; amount of bonus or profit dividend 
declared is not given in return, but it is stated that the dividend system is 
" Bonuses by addition to sum insured which may be commuted for reduc- 
tion of premium or sold to the company for cash.-' The return filed is up 
to 31st December. 1860. By the report of the Company read at the 
Twenty-sixth Annual Meeting, in Liverpool, on 13th February, 1862, 
the life business of the company for 1861 is returned thus : New life 
policies i>sued 754, insuring £448.562, and producing new premium 
£13.793 13.6. Total life premium for year £135 ; 974.2.3 ; claims paid 
£75.132.9.2 ; 51 new annuity bonds were issued granting annuities fo r 
£1.960.13.10. The reserve or life fund, at close of 1861 was £762.262.15.9. 
being an increase of £54.477.8.6 on the year. Premium system.— The 
Company issues policies on the half credit plan, whereby half the pre- 
mium only is payable during the first sevex years — the remaining half 
being charged on the policy, which may be liquidated at the convenience 
of the assured. In above table the amount of annuities is included in 
gross sum at risk, because no particular specification is given ; but 
annuities and life policies are not homogeneous, and the massing of 
their amount is so far incorrect. 

ROYAL.— Amount of reversionary dividends declared £72.810.18.2 ; paid 
£',947 6 ; amount applied in reduction of premium £40,330.17.4. Profit 
dividend period, quinquennial ; application by addition to policy — cash 
equivalent, or reduction of premium. In the column of liabilities, the 
annuities are mixed up in this case as in the Liverpool and London. Gross 
accu'lat'n upon life assurance annuities and en'ments estimated $362,041 

NEW COMPANY. 

SECURITY LIFE, N. Y.— This Company with a cash capital of 
$100,000 commenced business in January, 1862. President ftobt. L. Gase ; 
Vice-President Theo. R. Wetmore ; Secretary Isaac H. Allen ; Actuary 
Carey Murdock, Office 31 Pine Street ; 80 per cent, profits to assured, 
triennially ; premium and cash 50 per cent. note. 



XXI. 



" PROFIT AND LOSS » IN LIFE INSURANCE 
IN 1861. 

From Wall-Street Underwriter, April, 1861. — Communicated. 

From the elaborate "synopsis of the returns of Life In- 
surance Companies, &c," published this month as a supplement 
to your paper, many interesting and suggestive deductions may 
be made. 

The progress of life insurance, like the movements of the 
deposits in the savings banks, is a measure of the prosperity of 
the people. It gives us a view of the condition of the middle 
classes of the population, of those who, unable to lay up a 
large fortnne by their daily labor, adopt this system of mutual 
assistance for the benefit of those whom nature and divine law 
ordains that they must provide for. A life insurance company 
is a correlative of the savings bank, which receives, generally, 
the less pretentious surplus earnings of the comparatively 
poor. These institutions, working with the same object among 
different classes of the population, are worthy of the careful 
study of political economists and the rulers of the people, who 
may derive stern lessons from the study of the laws that regu- 
late their workings : " They are an ' annual register ' of the 
business conditions of the country. Their periods of rapid 
growth, or of stagnation, or decline, indicate a corresponding 
prosperity or depression in commercial affairs affecting the 
whole people." 

In the last report of the Bank Commissioners of Massachu- 
setts, from which the above extract is taken, the teaching of 
savings banks is most ably pointed out, and the influence of 
disastrous and prosperous years upon the savings of the labor- 
ing classes, traced in valuable detail. 

Your synopsis presents equally valuable results, and if con- 
tinued in the same form for a series of years, could not fail to 
record with certainty the increasing or decreasing prosperity 
of the middle classes. It is a record of (57,595 persons who are 
rich enough to lay by money for their families, and of 9.213 
who have from various causes ceased to insure their lives. Is 
it a record also of the effect of war on prosperity ? of dead loss 
to thousands of families whose whole future hope was laid up 
in that $29,287,563, now merely mentioned as " amount ceased 
in the year ?' ' 

But my object in this letter is chiefly to call your attention 
to the result of the business of last year, as it affects the com- 
panies themselves, as public institutions with large capitals, 
either accumulated or subscribed, and in this respect of im- 
portance to the. country at large. 

Everything which influences their prosperity is a matter of 
public importance, and time will not be wasted that is devoted 
to an examination of their condition and prospects. 

As a contribution to the statistics of the subject, I beg to 
offer the following tables of the results of the business in the 
companies doing business in this State as represented by the 
number of policies issued, and the amounts insured. 



XXII. 







Gain in 


Loss in 




Gain in 


amount 


amount 




No. in year. 


in year. 


in year. 


New York Companies. 


1,769 


$729,421 




Co.'s of other States.. . 


186 




$98,606 


English Companies 


1,281 


16,206^575 





The six companies from other States, although some of them 
rank in the first class, as regards wealth and stability, do not 
appear to have been so fortunate as the eleven native ones 
were. Not only is the average gain on the number of policies 
greater in the latter than in the former, but the percentage of 
gain is also in favor of the native companies. The gain in the 
New York offices was nearly seven and a half per cent., while 
in the companies from other States it was but six tenths of one 
per cent. 

The gain in numbers of the two English Companies, whose 
returns are given, w r as over eight and a half per cent. 

Referring to the gross amount insured, a comparison is no 
longer possible, the New York companies having gained $729- 
421, and the companies from other States having lost $98,646. 

To discover to which companies belongs the onus of the 
gain or loss it is necessary to separate the returns and deal 
with the companies singly instead of in groups, and as we are 
more nearly concerned with the New York offices than any 
other, I have not included those from foreign states or coun- 
ries in the following table : 



XX111. 






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On reference to the column beaded percentage of loss on 
number of policies, it will be found tbat but two companies are 
above the average, although five companies have cancelled in 
the year more policies than they issued. The loss of 48 poli- 
cies in one company amounts to really 43 per cent, of all they 
had to lose, while the loss of 498 in the Mutual Life was only 



XXIV. 



12 per cent, of their number* The same remark holds good in 
regard to the amount insured, in which, as in the number of 
the policies, the only true criterion of the relative amount can- 
celed — by lapsing, death, or sale — is its percentage on the 
whole amount, which was liable to be cancelled in any way. 
The average amount insured cancelled is 20.51 per cent., the 
extremes being 13 and 44 per cent., leaving out the two com- 
panies which have cancelled the largest amounts, the average 
is reduced to 16.40 per cent., and the extremes to 13 and 19 
per cent. 

The companies which have lost both in number and amount 
are the Guardian, Knickerbocker. Mutual, and New York Life 
and Trust. Those that have gained both in number and 
amount are the Equitable. Germania, Home and "Washington. 

Life Insurance business is now passing through a severe 
trial. In times of business prostration there will always be a 
demand for ready money, and it is evident many have in the 
past year been tempted to sell their policies, from inability to 
keep them in force. The causes which operated last year are 
to a certain extent still in existence, and it would not be sur- 
prising were the next annual extra you issue to show a further 
falling off. This retrogression must terminate at some time — 
and let us be resolved that the termination be not disastrous, 
and while our large insurance institutions are redoubling their 
efforts to sustain their precedence, the youngest, and conse- 
quently smaller ones must not relax their energy, or congratu- 
late themselves that they are beyond a danger to which the 
past year has shown their richer neighbors are exposed. 

Lux. 

New York. April, 1862. 



INSURANCE ACTS OF STATE OF MASS., 1862. 



CHAPTER 181. 

AN ACT 

RELATING TO MUTUAL FIRE INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Court assembled, and by the authority of the same, as follows: 

Sect. 1. Whenever the directors in any mutual fire insurance company shall 
make an assessment, or call on its members for money, or shall by vote determine 
^that there exists a necessity for such assessment or call, they, or any person inter- 
"ested in the company as an officer, policy-holder or creditor may apply to the 
supreme judicial court for any county, by a petition in the nature of a bill in 
equity, praying the court to examine said assessment or call, the necessity there- 
for, and all matters 'connected therewith, and to ratify, amend, or annul the as- 
sessment or call, or to order that the same may be made, as law and justice may 
require, provided such application when made by any party, except the corpora- 
tion, < r a receiver, or the insurance commissioners, shall rest in the discretion of 
the court. And whenever the directors shalll unreasonably neglect to make an 
assessment or call to satisfy an admitted or ascertained claim upon the company, 
any judgment creditor, or any person holding such admitted or ascertained claim. 
or the insurance commissioners may make the application to the court. Upon 
such application, if made by the directors, or upon any order of court, if made by 
application of any other party, the directors shall set forth the claims against 
Ihe company, its assets, and all other facts and particulars appertaining to the 
matter. 

Sect. 2. The court before which such petition is filed shall order notice to be 
given to all parties interested, by publication or otherwise, and upon the return 
thereof shall proeeed to examine the assessment or call ; or the necessity there- 
for, and all matters connected therewith, and any parties interested may appear 
and be heard thereon, and all questions that may arise, shall be heard and deter- 
mined as in other equity cases. The court may refer the apportionment or calcu- 
lation to any competent person ; and upon the examination may ratify, amend, 
or annul the assessment, or call or order one to be made. In case the assessment 
or call is altered or amended, or one is ordered to be made, the directors shall 
forthwith proceed to vote the same in legal form, and the record of such vote 
shall be set forth iu a supplement bill or answer. 

Sect. 3 When an assessment or call has been as above provided ratified, as- 
certained or established, a decree shall be entered which shall be final and con- 
clusive upon the company, and all parties liable to the assessment or call as to 
the necessity of the same, the authority of the company to make or collect the 
same, the amount thereof, and all formalities connected therewith. And where 
an assessment or call hereafter made shall be altered or amended by vote of di- 
rectors and decree of the court thereon, such amended or altered assessment or 
call shall be binding upon all parties who would have been liable under it as 
originally made, and in all legal proceedings shall be held to be such original 
assessment or call. All proceedings above provided for shall be at the cost of 
the company unless the court for cause otherwise order ; and in all cases the 
court may control the disposition of the funds collected under these proceedings. 

Sect. 4. So much of section fifty-two of chapter fifty-eight of the General 
Statutes as provides for the creation of a lien by a policy of any insurance com- 
pany, and for the proceeding to enforce the same, is hereby repealed, but this 
act shall not be construed to extend to any liens heretofore created. 



Sect. 5. No director iti any mutual fire insurance company shall cease to be 
snob during the year for which he was elected, on account of the canceling of 
any policy held by him. 

Sect. 6. The form of return for mutual fire insurance companies, appended to 
the fifty-eighth chapter of the General Statutes, marked " C/' is hereby repealed, 
and the form appended to this act shall hereafter be used for the annual state- 
ment of affairs by such companies. And all companies having policies in separ- 
ate classes, shall in their answers specify the respective amounts in each class. 

Sect. 7. This act shall take effect upon its passage. 

[C] 

FORM OF RETURN FOR MUTUAL FIRE INSURANCE COMPANIES. 

1. Name of company. 

2. Where located. 

3. When incorporated. 

4. Date of commencement of business. 

5. Amount insured by existing policies. 

6. Amount of premiums and deposits on same. 

7. Amount of premiums on same received in cash. 

8. Amount of United States and State stocks or notes ; state par value and 
market value of each. 

9. Amount of bank stocks, railroad stocks and bonds ; state number of shares 
in each bank and railroad company, and par value and market value of each. 

10. Cost value of real estate owned by the company. 
It. Amount loaned on mortgage of real estate. 

12. Amount of other investments. 

13. Cash on hand and in banks. 

14. Cash in hands of agents. 

15. Amount of assessments regarded good, due, and not paid. 

16. Amount of losses ascertained and unpaid. 

17. Amount of other losses claimed. 

18. Amount owed for borrowed money, and on what securities. 

19. Amount owing for dividends on expired policies. 

20. Amount and particulars of all other liabilities. 

21. Estimated amount in cash required to re-insure all outstanding risks. 

22. Amount of policies terminated the past year. 

23. Amount of policies issued the past year. 

24. Amount of premiums received in cash the past year. 

25. Amount of premiums received in notes the past year. 
2(3. Amounts received on assessments the past year. 

27. Amount received for interest, including dividends on stocks, and all other 
revenue on investments the last year. 

28. Amount of losses paid the last year. 

29. Amount of cash dividends paid'to policy-holders the yast year. 

30. Amounts paid in cash as return premiums on policies cancelled the last year. 

31. Amount of expenses, taxes and commissions. 

32. State the gain or loss in investment account arising from changes in market 
values of securities the past year. 

33. Amount assessed the last year. 

3f. Amount of liability to future assessment. 

35. Highest rate of interest paid. 

36. Highest rate of interest received. 

37. Amount insured on real estate. 

38. Amount insured on personal estate. 

39. What proportion of the property insured is in Massachusetts ? 

40. What proportion of the losses was on property in Massachusetts? 
Approved April 3 , 1862. 



XXV11. 

CHAPTER 221. 

AN ACT 

TO LEVY TAXES ON CERTAIN INSURANCE COMPANIES AND ON 
DEPOSITORS IN SAVINGS BANKS. 

Be it enacted by the Senate and House of Representatives, in General 
Court assembled , and by the authority of the same, as follows : 

Sec. 1. All fire, marine, and fire and marine insurance companies, incorpo- 
rated under the laws of this Commonwealth, shall pay taxes to the treasurer of 
the Commonwealth, as follows, to wit : — One per cent, per annum on all premi- 
ums received for insurance either in cash or in notes absolutely payable by any 
of such companies whether stock, mutual or mixed, and one per cent, on all 
assessments made by any mutual or mixed companies. 

Sec. 2. Each fire, marine, and fire and marine insurance company incorporated 
by any other State of the United States, shall annually pay to the treasurer of 
the Commonwealth a tax of two per cent, upon all premiums charged or received 
on contracts made in this Commonwealth for the insurance of property, or 
received or collected by agents in this Commonwealth, and each fire, marine, and 
fire and marine insurance company incorporated or associated under the laws of 
any government or State other than one of the United States, shall annually pay 
to the treasurer of the Commonwealth a tax of four per cent, upon all premiums 
charged or received on contracts made in this Commonwealth for the insurance 
of property, or received or collected by agents in this Commonwealth ; which 
taxes respectively shall be assessed by the treasurer of the Commonwealth for 
the year ending October thirty-first, and shall be paid within ten days after the 
first Monday in December, in each year ; and no other tax shall be assessed upon 
such insurance companies so long as this act continues in force. 

Sec. 3. The Massachusetts Hospital Life Insurance Company shall pay to the 
treasurer of the Commonwealth a tax of one per cent, per annum on all its 
capital stock, and of one-third of one per cent, per annum upon all moneys and 
property in the possession or charge of said company as deposits, trust-funds, or 
for purposes of investment, at the time for which return of said company, 
required by the seventh section, shall be made. 

Sec. 4. Every savings bank and institution for savings, incorporated under 
the laws of this Commonwealth, including the Mercantile Savings Institution in 
the city of Boston, shall pay to the treasurer of the Commonwealth a tax on 
account of its depositors per annum of one-half of one per cent, per annum on 
the amount of its deposits, to be assessed one half said annual tax on the average 
amount of its deposits for the six months preceding the first day of May, and 
the other on the average amount of its deposits for the six months preceding 
the first day of November. 

Sec. 5. All taxes provided for by this act, excepting the taxes imposed by the 
second section, shall be paid semi-annually within ten days after the first 
Mondays of June and December, each payment to be an assessment, by the treasu- 
rer, of one-half of the annual percentage. 

Sec. 6. Every insurance company mentioned in section one, shall semi- 
annually make a return which shall be signed and sworn to by its president and 
secretary, of the full amount of all premiums received for insurance by said 
company, either in cash or notes absolutely payable, and if it be a mutual com- 
pany or have a mutual department, of all its assessments made. 

Sec. 7. The Massachusetts Hospital Life Insurance Company shall semi- 
annually make a return which shall be signed and sworn to by a majority of its 
board of directors, of the full amount of its capital stock and of all mone)^s and 
property, in detail, in the possession or charge of said company as deposits, 
trust-funds, or for purposes of investment. 

Sec. 8. Every savings bank and institution for savings incorporated under 
the laws of this State, including the Mercantile Savings Institution in the city of 
Boston, shall semi-annually make a return, signed and sworn to by its president 
and treasurer, of the amount of its deposits on the first days of May and Novem- 
ber of each year, and of the average amount of its deposits on the first day of 
May and November of each year, and of the average amount of deposits for the 
six months next preceding each of said days. 



XXV111. 

Sect. 9. Each return required by the sixth, seventh and eighth sections of this 
act shall be made to the treasurer of the Commonwealth on or before the second 
Mondays of May and November, and the returns required by the seventh and 
eighth sections, shall include as severally required in said sections, capital stock, 
moneys, property, money at interest, or deposits in the ownership, possession or 
charge of the company, making the return on the first day of the month of May 
or November in which said return is required. And each return required by the 
sixth section of this act, shall express the full amount of premiums received, 
either in cash or in notes absolutely payably for insurance or assessment made 
as required by said section during the six months last preceding the first day of 
the month of May or November in which said return is required. Every corpo- 
ration neglecting to make return as required by this act shall forfeit fifty dollars 
for each day of such neglect ; and any corporation that wilfully makes false 
statements in any such return, shall be liable to pay a fine of not less than five 
hundred nor more than five thousand dollars. But the return for the first day of 
May of the present year may be made on the first day of June next. 

Sect 10. No person after the first day of June, in "the year eighteen hundred 
and sixty-two. shall as agent of any fire, marine, or fire 'and marine insurance 
company, not incorporated under the laws of tuis Commonwealth, make or cause 
to be made any insurance in this Commonwealth until he shall have given a bond 
to the treasurer of th-± Commonwealth, with sufficient sureties to be approved by 
said treasurer, in the sum of two thousand dollars, with conditions that he will 
pay, as herein before provided, the taxes imposed by this act upon all premiums 
charged or received or collected by him. or under his authority, for the company 
or companies of which he may be the agent ; and any person making insurance, 
or causing insurance to be made in violation of the provisions of this section, 
shall be liable to pay a fine not exceeding one thousand dollars. 

Sect. 11. Every corporation or association of persons neglecting to pay the 
taxes imposed by this act as herein before provided, shall be liable for the same 
with costs and interest in an action of contract in the name of the Common- 
wealth at the suit of the treasurer, and shall be further liable on application of 
the treasurer of the Commonwealth therefor to anyone of the justices of the 
supreme judicial court, to injunction restraining said corporation or association 
and the agents thereof from the further prosecution of its business until all taxes 
due by virtue of this act. with costs and interest, shall be fully paid. 

Sect. 12. All property taxed under the third and fourth sections of this act 
shall be otherwise exempt from taxation for the current year in which the tax is 
paid, and no savings bank shall be required to make any return of deposits in 
accordance with the provisions of the one hundred and fiftieth and one hundred 
and fifty-second sections of chapter fifty-seven of the General Statutes, but only 
of collaterals held so long as this act continues in force. 

Sect. 13. This act shall take effect upon its passage. 

Approved April 30, 1862. 



CALIFORNIA STATUTES AFFECTING INS. GO'S. 



AN ACT 

SUPPLEMENTAL TO AN ACT ENTITLED AN ACT TO PROVIDE REVE- 
NUE FOR I HE SUPPORT OF THE GOVERNMENT OF THIS STATE, 
APPROVED MAY 9th, 1861. 

The People of the State of California, represented in Senate and As- 
sembly, do enact as follows : 

Section 1. Section one of this Act is hereby amended so as to read as follows : 
Sec. 1. On and after the first day of May, eighteen hundred and sixty-two, the 
following tax is hereby imposed on every sheet, or piece of paper, or parchment, 
or other material upon which may be written, printed, engraved or lithographed, 
any, or either of the instruments following, to wit: Any bill of exchange, draft, 
or order, certificate, or any written evidence of deposit, whether negotiable or 
otherwise, or letter of credit to any person or persons, and payable out of this 
State, of above twenty dollars, and not exceeding fifty dollars, eight cents; if 
above fifty, and not exceeding one hundred dollars, twenty cents ; if above one 
hundred, and not exceeding one hundred and fifty dollars, thirty cents ; if above 
one hundred and fifty, and not exceeding two hundred dollars, forty cents ; if 
above two hundred, and not exceeding three hundred dollars, sixty cents ; if 
above three hundred, and not exceeding four hundred dollars, eighty cents; if 
above four hundred, and not exceeding five hundred dollars, one dollar ; if above 
five hundred, and not exceeding seven hundred and fifty dollars, one dollar and 
forty cents ; if above seven hundred and fifty, and not exceeding one thousand 
dollars, two dollars ; if above one thousand, and not exceeding fifteen hundred 
dollars, three dollars ; if above fifteen hundred, and not exceeding two thousand 
dollars, four dollars ; if above two thousand, and not exceeding three thousand 
dollars, six dollars : if above three thousand, and not exceeding four thousand 
dollars, eight dollars, if above four thousand, and not exceeding five thousand 
dollars, ten dollars; if above five thousand, and not exceeding seven thousand 
dollars, fourteen dollars ; if above seven thousand, and not exceeding ten thou- 
sand dollars, twenty dollars; if above ten thousand, and not exceeding fifteen 
thousand dollars, thirty dollars ; if above fifteen thousand, and not exceeding 
twenty thousand dollars, thirty-eight dollars t if above twenty thousand, and not 
exceeding thirty thousand dollars, fifty-six dollars ; if above thirty thousand, and 
not exceeding fifty thousand dollars, ninety dollars ; if above fifty thousand, and 
not exceeding one hundred thousand dollars, one hundred and seventy-five dol- 
lars ; if above one hundred thousand dollars, two hundrtd dollars ; or any license 
to practice, or certificate of admission of any attorney at law, granted by any 
court in this State, ten dollars ; and no order shall be entered granting such 
license or certificate of admission, issued, until such fee shall have been paid. 

Any policy of insurance, or instrument in the nature thereof, upon any 
house, factory, machinery, ship, steamer or vessel of any description, any 
goods, wares or merchandise, or furniture, or any life insurance, one-half 
the duty levied on bills of exchauge as herein provided : if for nine 
months and not less than six months, three-fourths of the rates last above 
established, if for six months and not less than three months, one-half of 
the rates above established ; if for three months, or less, one-fourth the 
rates above established, any receipt for the payment of money for, or any 
contract, certificate, or memorandum relative to the purchase of passage 
from this State, to any place out of the limits of, or from any place out of 
this State, to another place out of the limits thereof, upon any vessel, or 
steamship, if for a first class passage, six dollars ; if for a second class 
passage, four dollars ; and if for a steerage passage, two dollars. 



XXX. 

Provided, that nothing in this act shall he construed to affect in any way the 
official drafts of officers of the United States, or of this State. 

Sec. 2. Section seven of said act is hereby amended so as to read as follows : 

Sec. 7. No instrument of writing whatsoever, executed on or after the first day 
of May, eighteen hundred and sixty-one, and chargeable by this Act with the pay- 
ment of duty as aforesaid, and no contract of insurance made and entered into 
with any insurance company, or companies, or individual insurers, upon property 
or lives within this State, or upon vessels, freights, or merchandise owned, shipped 
or consigned, hy or to any person or persons in this State, shall be pleaded or 
set up, or given in evidence in any court, or admitted to be available in law. un- 
less the same shall be stamped and marked as aforesaid, and it shall not be law- 
ful tor any person or persons owning or controlling property in this State to insure 
the same with any suchinsurance company or companies, or individual insurers, 
or to enter into any assurance contract, or to receive any policy on which the 
stamp tax has not first been paid ; and in default of such payment hy said insurer, 
insurance company or companies, every person so insured or receiving unstamped 
policies, shall become liable to the State of California for the amount of tax on 
the sums named to be insured by such unstamped policies. 

Any person or persons refusing or failing to comply with the provisions of this 
Act. or acting as agents for any insurance company, or individual insurer, who 
shall neglect or refuse, or fail to comply with tbe same, shall he deemed guilty 
of a misdemeanor, and shall upon a conviction thereof before any court or com- 
petent jurisdiction, be fined for such offense, a sum not less than two hundred, 
or more than one thousand dollars, the amount recovered to be paid into the State 
treasury. 

Sec. 3. Any person, firm, officer, or agent, on his own account, or for, or on 
account of any company, association, corporation, or individual issuing any in- 
strument or writing whatsoever, charged by this Act, or the Act to which this 
is amendatory and supplemental, with the payment of taxes or duty, shall be^ re- 
quired to place such stamp upon the face of every such instrument or writing, 
and to write upon the face of every stamp that is used, the date at which the 
same is placed upon every such instrument or writing aforesaid. Any person, 
officer, or agent, failing to comply with the provisions of this section, or using a 
stamp more than once, shall be deemed guilty of a misdemeanor, and shall upon 
conviction thereof before any court of competent jurisdiction, be fined in a sum 
of not less than two hundred dollars, nor more than one thousand dollars, the 
amount recovered to be paid into the State Treasury. 

Sec. 4. This Act shall take effect and be in force from and after its passage. 



AN ACT 

TO PROVIDE REVENUE FOR THE SUPPORT OF THE GOVERNMENT OF 
THIS STATE FROM A TAX UPON FOREIGN AND INLAND BILLS, 
PASSENGERS, INSURANCE COMPANIES, AND OTHER MATTERS. 

The People of the State of California, represented in Senate and As- 
sembly, do enact as follows : 

Sectiox 1. The Governor, by and with the advice and consent of the Senate, 
shall appoint two Inspectors of Stamps, to reside at the city of San Francisco, 
to continue in office for two years, or until their successors are qualified : who 
shall be entitled to receive, as compensation tor their services, the sum of one 
hundred dollars each, per month, and each of the Stamp Inspectors, in addition 
to his salary, may receive 3 per cent, upon any amount received by the State 
Treasurer for Stamp duties exceeding twenty-five thousand dollars for each 
quarter of a year : Provided, the salary and per centage shall not exceed two 
hundred and fifty dollars each, per month. 

Sec. 2. The Stamp Inspectors shall devote their time to an examination of 
Stamps issued, and the Stamp Inspectors, or one of them, shall, on the sailing of 
any steamer or vessel from the port of San Francisco to any port without the 
limits of this State, be on board such steamer or vessel, and examine the tickets, 



XXXI. 

contracts, or memoranda for passage held by the passengers, or issued to them, 
to see that such tickets, contracts, or memoranda for passage are stamped ac- 
cording to law ; also to inspect the records of policies of insurance of all persons 
or companies collecting premiums in the city of San Francisco. 

Said Stamp Inspectors shall cause all Stamps inspected by them, and all 
Stamps once used, to be marked by writing or stamping upon them with ink the 
date when the instrument to which they are affixea shall expire, or otherwise, so 
that they cannot again be used ; and shall perform such other duties as may be 
required of them by the " Commissioners' of Stamps.'' 

Sec. 3. The agent, shipper, captain, purser, or any other person authorized to 
issue tickets, contracts, or memoranda for passage, shall, on the application of 
either of the Stamp Inspectors, exhibit to him the original and correct list of all 
tickets,, contracts, or memoranda for passage issued for passengers in any vessels 
or steamers about to leave the port of San Francisco for any port without the 
limits of this State ; and passengers on such vessels or steamers shall, on applica- 
tion of either of the Inspectors, exhibit to him their tickets, contract, or memo- 
randa for passage, and in case no ticket, contract, or memoranda for passage has 
been issued to passenerers on board such vessel or steamer, then the Inspector 
shall ascertain the number of first-cabin, second-cabin, and steerage passengers 
on board, and the captain or purser of any steamer or vessel shall, before such 
steamer or vessel leave the wharf in the harbor of San Francisco, outward bound, 
pay over to the Inspector demanding it, the sum of six dollars for each first- 
cabin passenger, and four dollars for each second-cabin passenger, and two dol- 
lars for each steerage passenger on board, or having taken passage on such 
steamer or vessel, giving a receipt therefor, and taking a duplicate countersigned 
by said person authorized to receive the same ; and the inspector shall pay over 
the amount so collected monthly to the State Treasurer, and file a sworn state- 
ment with said countersigned receipt at the same time with the Controller of 
State, showing the number and class of passengers upon which such duties have 
been collected. All insurers and insurance companies, or the agents thereof, 
collecting premiums at San Francisco, on the application of either of the Stamp 
Inspectors, shall exhibit to him their records of policies, or certificates issued, 
and their books, showing the amount of their business and the names of parties 
insured by them. 

All persons engaged in the collection of premiums from the citizens of 
this State, whether by the issuance of policies or certificates of insurance, 
or by the endorsement of risks upon open policies, issued by insurers or 
insurance companies, shall be deemed to be insurance agents for the pur- 
poses of this Act ; and the amount of Stamp tax to be paid by such agents 
shall be ascertained by applying the rates of duty established by law to 
the whole sum insured by such agents, to be ascertained by the Inspectors 
from the books of the agency. Any receipt for the payment of a premium 
of insurance, when no policy or certificate has been issued, shall be deemed 
a policy for the purposes of this Act, and shall be stamped as aforesaid. 
But no policy, certificate, or entry of re-insurance, made by one company 
or individual for another, when the original insurance has paid Stamp 
duty as hereinbefore provided, shall be liable to the operations of this 
Act. 

All bankers and others engaged in issuing certificates of deposit, or letters of 
credit, or in selling exchange, shall, on the application of the Stamp Inspectors, 
or either of them, exhibit to them their books and records of drafts, certificates 
of deposit and letters of credit issued from time to time ; also, their account of 
Stamps purchased and disposed of. 

Any person or persons refusing to comply with the provisions of this law, 
shall be deemed guilty of a misdemeanor, and shall be fined, upon conviction 
thereof before any court of competent jurisdiction, for e ich offense a sum not 
less than two hundred dollars, or more than one thousand dollars, the amount 
recovered to be paid into the State Treasury. 

Sec. 4. The sum of three thousand dollars is heieby appropriated and set 
apart from the general fund for the payment of the salaries of the Stamp In- 
spectors, and for enforcing this law ; and in case the receipts from Stamp duties 
exceed twenty-five thousand dollars per quarter of a year the State Controller 
is hereby authorized, on the expiration of each quarter of a year, to ascertain 
the amount of excess, if any, and allow the Stamp Inspectors 3 per cent, each 



xxxn. 

thereon, and thereupon to draw his warrant for such amount as may be found 
due them on the general fund : Provided, the whole amount shall not exceed the 
sum of two hundred and fifty dollars per month each, as specified in Section 1. 

Sec. 5. Before entering upon the discharge of their duties, each Stamp In- 
spector shall file with the State Treasurer a bond to the State of California, with 
sufficient sureties, to be approved by the Governor, in the sum of ten thousand 
dollars. 

Sec. 6. The Stamp Inspectors hereby created are authorized to administer 
such oaths as may be necessary to compel obedience to the provisions of this 
Act. 

Sec. 7. This Act shall take effect from and after its passage. 



AN ACT 

TO TAX FOREIGN INSURANCE COMPANIES DOING BUSINESS IN THIS 

STATE. 

The People of the State of California, represented in Senate and As- 
sembly, do enact as follows : 

Section 1. After the first day of May, A. D., one thousand eight hundred and 
sixty-two, it shall not be lawful for any person or firm, officer or agent, to collect 
premiums of insurance in this State in any manner or in any capacity what- 
soever, in either Fire, Life. Marine, or Inland risks, for or on account of any com- 
pany, association, or individual insurers, not incorporated under the laws of this 
State, unless such person or firm, officer or agent, shall have first filed with the 
Controller of this State the following described documents : First. A certified 
copy of the power of attorney, certificate of agency, open policy, commission, or 
other authority or agreement, under which such person, firm, officer, or agent 
shall claim to be authorized to collect premiums of insurance in this State. 
Second. A good and sufficient bond, to be signed by the person or firm, officer or 
agent, so authorized by the powers of attorney, or other authority as aforesaid, 
as principal, with two good and sufficient sureties, to be approved by the Con- 
troller, in the penal sum of two thousand dollars for each Fire Insurance Com- 
pany ; or one thousand dollars for each Life Insurance Company ; or five thousand 
dollars for each Marine or Inland Insurance Company, Association, Firm or In- 
dividual, not incorporated under the laws of this State, for whose account it is 
proposed to collect premiums of insurance in this State, the condition of such 
bond to be as follows, viz. : First, That the person or firm, agent or officer 
named therein, acting on behalf of the company, association, firm or individual 
named therein, will pay to the Treasurer of the county, or city and county, in 
which the principal office of the agency shall be located, such sum per quarter, 
quarterly in advance, for a license to transact an insurance business, or such 
other license or licenses as is or may be imposed by law, so long as the agency 
shall remain in the hands of the person or firm, officer or agent named as princi- 
pal in the bond. Second, That the person or firm, officer or agent so specified as 
above, will pay, or cause to be paid, to the State, all stamp duties on the gross 
amounts insured by them, in the manner and at the time prescribed by law, in- 
clusive of renewals on existing policies. Third, That within thirty days after 
the first day of August, A. D. one thousand eight hundred and sixty-two, and 
within thirty days after the first of August in each succeeding year, the agent or 
officer named in the bond shall render to the Treasurer of the county, or city 
and county, in which the principal office of the agent, shall be located, a state- 
ment sworn to by him, and exhibiting the gross amount of premiums collected 
by the agency, inclusive of all amounts collected by sub-agents throughout the 
State, for each company or association, firm or individual insurer represented by 
him or them respective!), from which shall be deducted the gross amount of re- 
turn premiums. The first statement shall exhibit the amounts so collected be- 
tween the first day of May and the first day of August, A. D. one thousand eight 
hundred and sixty-two ; and subsequent statements shall exhibit the amounts so 
collected during the year terminating on the first day of August in each year re- 






XXX1U. 

spectively, and that, on filing the statements as herein required, the agent or 
agents, or officer named in the bond shall pay to the Treasurer of the county, or 
city and county, aforesaid, a tax of two per cent, on the amount of gross pre- 
miums, after deducting return premiums, as set forth in his statement, and col- 
lected from Fire, Marine and Inland risks, and a tax ot one per cent, on the 
amounts of premiums collected from Life risks ; and for the purposes of this Act 
all premiums shall be deemed to have been collected which have been entered 
upon the books of the agency. 

Sec. 2. For the purposes of this Act. all persons, firms and officers of compa- 
nies or associations not incorporated unler the laws of this State, and engaged in 
collecting premiums of insurance, directly or indirectly, on Fire, Life, Inland or 
Marine risks, shall be deemed to be agents of Foreign Insurance Companies, and 
liable to all the provisions of this Act. And all express companies not so incor- 
porated as aforesaid, engaged in the cariiage of treasure or merchandise from 
and within this State, and insuring the same, whether themselves assuming the 
risk, or whether the risks be reinsured by companies or associations not chartei- 
ed by this State, shall be deemed to be Foreign insurers within the meaning of 
this Act, and shall be required to file with the Controller a separate bond for 
for each express company taking risks as aforesaid, and for each Foreign com- 
pany or association reassuring them on such risks. 

Sec. 3. Every person or firm who shall effect, agree to effect, or procure 
any insurance for citizens of this State from or on account of any insurers 
or insurance companies whatever, not incorporated under the laws of this 
State, after the first day of May, A. D., one thousand eight hundred and 
sixty-two, without first having executed and filed the bond required in 
section one of this Act, shall be deemed guilty of a misdemeanor, and 
shall, on conviction thereof, be fined in the sum of three thousand dollars 
for each company or association on whose account such insurance shall 
have been effected ; one-half of such fine to be for the use of the State, and 
one-half for the benefit of the informer. But nothing herein contained 
shall apply to sub-agents or employees of any principal agent who shall 
have complied with the requirements of this Act. 
Sec. 4. A copy of the bond herein required to be filed with the Controller, cer- 
tified by that officer, shall be filed with the Treasurer of the county or city and 
county, where the principal office of the agency shall be located, before any licence 
shall be issued to any agent for the transaction of insurance business, and shall 
remain on file in the office of the County Treasurer until he is notified in writing 
by the Controller of the termination of the agency and cancellation of the bond. 
Sec. 5. Whenever the same person, firm or agent shall desire to collect premi- 
ums of insurance for more than one company, association or individval, not incor- 
porated under the law of this State, the Controller shall require a separate bond, 
as provided in section one, for each company or association so represented by 
such person, firm, officer or agent. 

Sec. 6. If any agent or officer of a Foreign Insurance Company, as defined in 
section two of this Act, shall make any false statement, concealment or misrepre- 
sentation in the sworn statement required by section one of this Act, with intent 
to defraud the State of revenue, he shall be deemed guilty of perjury, and shall 
be liable, on conviction thereof, to the pains and penalties as prescribed by law 
for the punishment thereof : all penalties imposed by this Act shall be collected 
in the name of the people of this State, by the District Attorney of the county, or 
city and county, where the offense shall be committed. 

Sec. 7. Any insurance company or association not incorporated under the laws 
of this State may be exempted from the payment of the annual tax upon premi- 
ums, as provided in section one of this Act ; provided, that on the first day of 
August in each year the agent or agents of such company or association shall 
satisfy the Controller by affidavit or other proofs that the said company or asso- 
ciation has invested in this State the sum of at least fifty thousand dollars in the 
bonds of this State, or of city or city and county of San Franscisco, or in re*l 
estate, or in first m9rtgages upon productive city property worth double the 
amount loaned thereon, and that the said sum has been so invested for at least 
one year anterior to the first day of July last preceding ; that the said invest- 
ment was made and is continued in the name of said eompany or association, or 
of the agent thereof ; that it is liable to assessment for the purposes of taxation 
in this State, and has actually paid all taxes levied upon it by the laws of this 
State for the year preceding the application ; and that the same is, and always 

3 



XXXIV. 

has been since the date of the investment, free from pledge or mortgage, and 
available to pay losses or to reinsure outstanding risks on policies issued by such 
company or association to citizens of this State. And whenever the Controller 
shall be satisfied that the conditions of this section have been complied with in 
gfbod faith, he shall thereupon issue to the applicant his certificate to that effect, 
which shall be a full and complete discharge from all liability on the part of the 
agent or company for the taxes upon premiums imposed in section one of this 
Act. 

Sec. 8. There shall be levied upon and collected from each person, firm, 
office or agent collecting premiums upon insurance in this State, in any manner 
or in any capacity whatsoever, on either Fire, Life, Marine or Inland risks, for 
or on account of any company, or association, corporation or individual, a license 
tax of twenty-five dollars per quarter year, payable quarterly in advance, to the 
Collector of license taxes under the revenue laws of this State ; such Collector 
shall account for and pay over the same at the time and in the manner provided 
by law for the payment of other State and couuty licenses. The Treasurer of 
the county, or city and county, shall pay into the State Treasury all moneys col- 
lected under the provisions of this Act at the same time and in the same manner 
as other moneys belonging to the State are required to be paid. 
Sec. 9. This Act shall take effect from and after its passage. 



XXXV 



INSURANCE LAW OF WISCONSIN, 



PUBLISHED MARCH 30th, 1859. 

CHAPTER CXC. 

AN ACT to regulate Insurance Companies, not incorporated by the State of 

Wisconsin. , 

The People of the ttaie of Wisconsin, represented in Senate and Assembly, do enoct as 
follows : 

Section 1. That it shall not be lawful for any agent or agents of any Insurance 
Company incorporated by any other State than the State of Wisconsin, directly 
or indirectly, to take risks, or transact any business of Insurance in this State, 
without such Company has first obtained certificate of authority from the Secre- 
tary of State ; and before obtaining such certificate, such Insurance Company 
shall furnish the said Secretary with a Statement under the oath of the President 
and Secretary of the Company, which statement shall show : 

First, The name and locality of the Company. 

Second. The amount of its capital stock. 

Third. The amount of its capital stock stock paid up. 

Fourth. The assets of the Company including : 1st. the amount of cash on hand, 
and ia the hands of agents or other persons ; 2d. the real estate unincumbered ; 
3d. the bonds owned by the Company, and how they are secured, with the rate of 
interest thfreon ; 4th. debts due the Company secured by mortgage ; 5th. debts 
otherwise secured ; 6th. debts for premiums ; 7th. all other securities. 

Fifth. The amount of liabilities due or not due, to banks or other creditors of 
the Company. 

Sixth. Losses adjusted and due. 

Seventh. Losses adjusted and not due. 

Eighth. Losses unadjusted. 

Ninth. Losses in suspense, waiting for further proof. 

Tenth. All other claims against the Company. 

Eleventh. The greatest amount insured in any one risk, or allowed to be insured 
in any one block. 

Twelfth. The gross amount of premiums received in the State of Wisconsin for 
the current year prior to the making of this report. 

Thirteenth. The market value of its stock. 

Fourteenth. The dividend, or dividends, declared and paid during the past year. 

Fifteenth. The act of incorporation of such Company. Which statement shall 
be filed in the office of said Secretary of State, together with a written instrument 
duly signed and sealed, authorizing any agent or agents of such Company in this 
State to acknowledge service of process, for and in behalf of such Company, con- 
senting that service of process, mesne or final, upon any such agent or agents, 
shall be taken and held to be as valid, as if served upon the Company, according 
to the laws of this or any other State, and waiving all claim or right of error, by 
reason of such acknowledgment of service ; and no Insurance Company, or 
agents of any Insurance Company incorporated by any other State, shall transact 
any business of Insurance in this State unless such Company is possessed of at 
least one hundred and fifty thousand ($150,000) dollars in value of actual capital 
in cash or real estate, or invested in stocks or in bonds, or mortgages on real 
estate worth double the amounts for which the same is mortgaged, and upon the 
rilling of the aforesaid statement and instrument with the Secretary of State, and 
furnishing him with proof or satisfactory evidence of such investment, as afore- 
said, it shall be the duty of said Secretary to issue a certificate thereof with au- 
thority to transact business of Insurance to said Company for its agent or agents. 



XXXVI 

Sec. 2. It shall be unlawful for any unincorporated company or association, 
partnership, firm, or individual, or any member or agent or agents thereof, or for 
agent or agents of any company incorporated by any foreign government other 
than a State of this Union, to transact any business of Insurance in this State 
without procuring a certificate of authority from the Secretary of State. Such 
company, association, partnership, firm or individual, or agent or agents thereof, 
having first filed under oath, in the office of said Secretary a statement setting 
forth Charter or act of incorporation of, and every such incorporate company, and 
the by-laws, copartnership agreements, articles of association, of any and every 
such incorporated company, association, partnership or firm, and the name and 
residence of such individual, and the name and residences of the members of 
every such partnership or firm, and the matters required to be specified by the 
first section of this act, and the written authority therein mentioned, and 
furnished evidence to the satisfaction of the Secretary of State that such company 
has invested in stocks in some one or more of the States of the Union, or in the 
United States, the amount of fifty thousand (50,000) dollars, and that such stocks 
are held by citizens of the United States, or in any bonds of mortgages of real 
estate situated in the United States, fully securing the amount for which the same 
is mortgaged, or bonds of cities of the United States, the aggregate market value 
of the investment of the company, in which shall not be less than fifty thousand 
(50,000) dollars ; and such incorporated company, or unincorporated company, 
association, partnership, firm, or individual, or any agent or agents thereof, filling 
said statement and furnishing evidences of investment, as aforesaid, shall be 
entitled to a certificate of authority for such body or individual, in like manner as 
is provided for in the first section of the act. 

Sec. 3. It shall be the duty of every such Insurance Company, or some agent or 
agents thereof, before takiag any risks or transacting any business of Insurance in 
this State, to file in the office of the Clerk of the Circuit Court of the county of 
which it, he or they may desire to establish an agency for any such Insurance 
Company or individual, or to transact any business of Insurance therein, a copy 
of the statement required to be filed with the Secretary of State as aforesaid, 
together with the certified copy of the certificate of said Secretary, which shall be 
carefully preserved for public inspection by said clerk, and also said Insurance 
Company, association, partnership, firm, or individual, shall cause their statement 
and certificate to be published in some daily newspaper of general circulation 
published in this State, printed in the cities of Madison and Milwaukee one 
month ; and such body or individual shall, before it, he or they, or any agent or 
agents thereof, shall take any risks or transact any business of insurance, furnish 
such agent or agents with two copies of such statement and Secretary's certificate, 
one of which shall be deposited and kept in the office of the proper Clerk of the 
Circuit Court, in the same manner and for the same purpose as hereinbefore men- 
tioned ; one of which shall be kept in the office of every such agent or other 
person to be submitted to any persons for examination who may desire to pro- 
cure from such agent or agents, or other persons, a policy of insurance, or renewal 
thereof, if demanded by him or them. 

Sec. 4. The statement and evidence of investment required by this act shall be 
renewed annually, in the month of January in each year ; the first statement may 
bp made at any time. The Secretary of State, on being satisfied that the capital, 
securities, and investments remain secure as at first, shall furnish renewal or cer- 
tificate as aforesaid ; the certified copy of which, with the certified copy of the 
statement upon which the same was obtained, shall be filed, kept and published 
in the same manner, and be governed in all respects by the provisions of section 
three of this act ; Provided, That all certificates of authority or renewals granted 
to any such Insurance Company, or agent or agents thereof, prior to the passage 
of this act, in accordance with the act hereinafter repealed, shall be in full force 
and effect until January, A. D. 1860, the same as if issued under this act. And 
provided farther. That any such Insurance Company or agent or agents thereof, 
shall pay into the State Treasury on or before the first day of June, A. D. 1850, a 
sum of money equal to three per cent, upon the gross amount of premiums 
received in the State of Wisconsin for the year 1858, which shall be in full for the 
license until the first day of January, A. D. 1860, to be ascertained in the manner 
hereinafter provided, and th ereafter shall pay in accordance with section five of 
this act. 

Sec. 5 A sum of money tqual to fhree per cent, upon thegrofs amount received 
in the State of Wisconsin for premiums in each year, as shown by the report 



XXXV11 

required to be made by section 1 of this act shall be paid by each Company as 
an annual license fee at the time of the issue of each certificate or its renewal by 
the Company or Body receiving it, to be paid to the State Treasury for the privi- 
lege of transacting the business of Insurance in this State. Provided, That when 
application is made for license by any Company that shall not have transacted 
business within this State for the space of one year, the sum of five hundred 
dollars shall be paid by such Company as a license for the first year. And pro- 
vided further, That any Insurance Company not incorporated by the laws of the 
State of Wisconsin, now doing business in this State shall, on or before the first 
day of June, A. D. 1859, make a statement, verified by the oath of the President 
and Secretary of such Company, showing the gross (amount) of premiums 
received in this State by such Company for the year 1858, w r hich statement shall 
be filed with the Secretary of State. 

Sec. 6. Any person or firm in this State who shall receive or receipt for any 
money or account of or for any contract of Insurance made by him or them, or 
for any such Insurance Company or individual aforesaid, or who shall receive or 
receipt for any money from otherpersons, to be transmitted to any such company 
or individual aforesaid, for a policy or policies of insurance or any renewal 
thereof, although such policy or policies of Insurance may not be signed by him 
or them, as agent or agents of such Company, or who shall in an^y wise, directly 
or indirectly, make or cause to be made, any contract or contracts of insurance 
for or on account of such Insurance Company aforesaid shall be deemed to all 
intents and purposes, an agent or agents of such Company, and shall be subject 
and liable to all the provisions, regulations and penalties of this act. 

Sec. 7. That copies of ail papers required by this Act to be deposited in the 
office of Secretary of State, certified under the hand of such Secretary or Clerk 
of any Court of Record, of this State, with the seal of such Court affixed thereto ; ■ 
or any Notary Public under his proper seal, and any copy ©f any affidavit of 
publication in any newspaper by this Act made necessary, duly certified by the 
Clerk of any Court of Record or Probate Judge in this State, authenticated by 
the seal of such Court, or by any Notary Public, witnessed by his proper seal, 
shall be received as evidenee in all courts and places, in the same manner, and 
have the same force and effect as the original would have if produced. 

Sec. 8. Any person violating any of the provisions of this Act, shall, upon con- 
viction thereof, in any Court of competent jurisdiction, be fined in not less than 
one hundred, nor more than one thousand dollars, or imprisonment in the county 
j til. not more than six months, at the discretion of the Court. 

The penalties imposed in this Act shall be collected in the name of the people, 
by the Attorney-General of the State, or the District Attorney of ;he county where 
the offence shall have been committed, on the complaint of any person aggrieved 
by such violation, or any other person, and one half of the penalty, when recov- 
ered, shall be paid into the treasury for the use of the poor of the county where 
the offence shall have been committed, and the other half to thejnformer of such 
violation. 

Violations of this Act shall be prosecuted in the same manner as may be pro- 
vided by law for the punishment of offences of like grade. 

Skc. 9. All Acts, or part of Acts, contravening the provisions of this Act, are 
hereby repealed. This Act shall in no wise effect the law now in existence to 
compel said Companies to pay in their quota towards the support of the Fire De- 
partment in the different cities of the State. 

Sec. 10. This Act shall take effect and be in force from and after its passage and 
publication. 

WM. P. LYON, 
Speaker of the Assembly. 
E. D. CAMPBELL, 

Lieut.-Gov. and President of the Senate- 
Approved March 17, 1859. 

ALEX. W. RANDALL. 
STATE OF WISCONSIN, [ 

Secretary's Office, j ss * 

The Secretary of Stafe of the State of Wisconsin does hereby certify that the 
foregoing Act has been compared with the original enrolled Act deposited in this 



XXXV111 

office, and that the same is a true and correct copy thereof and of the whole of 
such original. 

In "Witness Whereof, I have hereunto set my hand and affixed 
[l. s ] the Great Seal of the State, at, the Capitol in Madison , 

this seventeenth day of March, A. D. 1859. 

D. W. JONES, Secretary of State. 

Amended 1862, by adding to annual statement. 

16. The total number of policies issued during the year next preceding the 
making of the report, and the amount of risk thereon. 

17. The number of policies canceled during the year next preceding the date 
of the report, and the amount of risk thereon. 

18. The total amount of 'premiums received during the year next preceding 
the date of the report. 

19. The total amount of expenditures duiing the same period, and for what pur- 
pose. 

20. The whole number of policies in force at the date of such report, and the 
amount at risk thereon. 

21. The amount necessary to safely reinsure all outstanding risks, and discharge 
all existing obligations of the Company. 



XXXIX 



INSURANCE LAW OF NEW HAMPSHIRE. 

AN ACT, 

IN RELATION TO FOREIGN INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives, in General Court convened : 

Section 1. That every foreign fire insurance company, doing business in this 
State, shall, in writing, under its seal, appoint some person resident in this State 
as its agent, upon whom all lawful processes against said company may be served, 
with like effect as if said company existed in this State, and such service were 
made upon it ; and in said writing shall provide and agree, on the part of said 
company, that any lawful process against said company which is served on its 
said agent, and all orders, decrees and judgments, in any legal proceedings duly 
laid thereon, shall have the same force and effect in law, in all respects, as if said 
company existed in this State, and service were made on it. Said writing shall 
be filed in the office of the Secretary of State, and copies thereof, certified 
by him, shall be sufficient evidence of the same. Said agency shall continue 
while any liability remains outstanding against said company in this State, and 
shall not be revoked until another person, resident in this State, is duly appointed 
in writing, under seal, and filed in the office of the Secretary of State as afore- 
said. Service upon said agent shall be deemed sufficient service upon the com- 
pany. 

Sec. 2. Any insurance, or extension or renewal of insurance, hereafter made 
by any foreign fire insurance company before complying with the provisions of 
this act, shall be valid ; but the agent effecting the same shall be punished by a 
fine not exceeding five hundred dollars for each offence ; and any such company, 
not complying with the provisions of this act, shall not recover any premium or 
assessment, or any contract of insurance with any citizen of this State, until the 
provisions of this act are complied with by said company. 

Sec. 3. The word " foreign," used in this act, applies to all companies not 
incorporated by the legislature or created by the laws of this State , 

Sec. 4. The provisions of this chapter 1279 of the Pamphlet Laws, passed Nov. 
session, 1852, entitled An act relating to foreign insurance companies, and the 
provisions of section 1, of chapter 2082 of the Pamphlet Laws, passed June session 
1858, entitled An act in relation to fire insurance companies, shall not be in force 
and apply to such foreign fire insurance companies as shall comply with the pro- 
visions of this act. 

Sec. 5. This act shall take effect from and after the twentieth day of July. A. 
D. 1862. 

Approved July 8, 3862. 



xl 



ILVSURASCE LAWS OF IOWA. 



AN ACT 

IN RELATION TO INSURANCE COMPANIES. 

Section - 1. B~ ': f "-..::•:•: -rJ : semblyof the State of Iowa: Thatits^iall 

be the duty of each and every Insurance Company* incorporated under the Jaws 
of this State for the purpose of insuring property against lire and marine lossr 
file with the Auditor of State, within sixty days from the taking effect of this act. 
and with the Clerk of the District Court of the county in which said company is 
located, a full and specific statement of the amount of cash paid in upoo such 
stock : the amount of stock not paid for in cash : the amount secured by notes 
endorsed by third parties : the amount secured by mortgages or pledges of real 
estate ; the names and residences of the stock holders in said company, with the 
amount of stock owned or held, set opposite the name of each, and if not all paid 
up in cash, the amount unsecured and the amount secured, specifying whether by 
real or personal security. Also set opposite the name of each, the names of all 
the officers aud agents of the company wherever residing : the amount of policies 
issued by, and outstanding, against the company at the date of said report : the 
amount of premiums received by the said company during the preceding six 
months : the amount of cash on band : the amount of bills payable and receivable 
at the date of said statement : the amount of real estate owned by said company, 
where held and owned, in what manner such real esta: i vested in said 

company : which report and statement shall be verified by the oath of the Presi- 
dent and Secretary of the company. 

Sbc. 2. It shall be the duty of every snch Insurance Company now created, or 
that may hereafter Ik? created, under the laws of this State, to file a semi-annual 
ment of the affairs of said company with the Auditor of State, and with the 
Clerk of the District Court, in the cuunty where such company is located, on the 
first day of January and July in each year, which statement shall be verified by 
the oath of the President of the Company. Such statement shall contain — 
1?:. Tie name and locality of the company. 

The amount of capital stock of said company. 
3d. The amount of its capital stock paid up. 
4th. The assets of the company including. 
1st. The amount of cash on hand. 
2d. The amount of cash in hands of a t 
3d. The real estate unincumbered. 

4th. The bonds and notes of the company and how Ihey are secured, with the 
rate of interest thereon, and whether given in payment of stock subscription, or 
for bona fide loans. 

5th. Debts of the Company secured by mortgage. 
6th. Debts otherwise secured. 
7th. Debts for premiums. 
8th. All other securi 

The amount of liabilities due or not due to banks or other creditors by 
the company. 

6th. Losses adjusted and due. 

7th. Losses adjusted and not due. 

8th. Losses unadjusted. 

9th. Losses in suspense. 

10th. All other claims against the company. 

11th. The greatest amount insured by any one risk. 



xii 

Sec. 3. A failure to comply with the provisions of the two preceding sectionH 
shall subject the President and Secretary of any company, each, individually, to 
the penalty of one hundred dollars, to be recovered in any action at law, in the 
name of any citizen of the State, and the other moiety to the use of the informer. 

Sec. 4. It is declared unlawful for any insurance company in this State to pur- 
chase or hold any real estate, save what shall be necessary for the transaction of 
its legitimate business of insurance, and deeds and conveyances to said company 
for other purposes are hereby declared to be void. 

Sec. 5. That it shall not be lawful for any agent or age>:ts of any Insurance 
Company, incorporated by any other State than the State of Iowa, directly or 
indirectly to take risks, or transact any business of insurance in this State, with- 
out first procuring a certificate of authority from the Auditor of State, and be- 
fore obtaining such certificate, such agent or agents shall furnish the Auditor 
wiih a statement, under oath, of the President or Secretary of the company, 
from which he or they may act, which statement shall show 

1st. The name and locality of the company. 

2d. The amount of its capital stock. 

3d. The amount of its capital stock paid up. 

4th. The assets of the company, including, 

1st. Amount of cash on hand, and in the hands of agents or other persons. 

2d. The real estate unincumbered. 

3d. The bonds owned by the company, and how they are secured, with the 

rate of interest thereon. 
4th. Debts of the company secured by mortgage. 
5th. Debts otherwise secured. 
6th. D< bts for premiums. 
7th. All other securities. 

5th. The amounts of liabilities due or not due to banks or other creditors by 
the company. 

6th. Losses adjusted and due. 

7th. Losses adjusted and not due. 

8th. Losses unadjusted. 

9th. Losses in suspense, waiting for further proof. 

10th. All other claims against the company. 

11th. The greatest amount insured by any one risk. 

12th. The greatest amount allowed in the rules of the company to be insured 
in any one city, town or village. 

13th. The greatest amount allowed to be insured in any one block. 

14th. The act of corporation of such company, which statement shall be filed in 
the office of said Auditor, together with a written instrument, under the seal of 
the company, signed by the President and Secretary, authorizing such agent to 
acknowledge service of process for and in behalf of such company, consenting 
that service of process upon such agent shall be taken and held to be as valid as 
if served upon the company according to the laws of this State, or any other 
State, and waiving all claims of errors by reason of such service ; and no Insur- 
ance Company or agents of any Insurance Company, incorporated by any other 
State, shall transact any business of Insurance in this State, unless such company 
is possessed of at least one hundred thousand dollars of actual capital, invc sted 
in stocks of at least par value, or in bonds, or mortgages on real estate, worth 
double the amount for which the same is mortgaged ; and upon filing the afore- 
said statement and instrument with the Auditor of State, and furnishing him 
with satisfactory evidence of such instrument as aforesaid, it shall be the duty of 
gaid Auditor to issue a certificate thereof, with authority to transact business of 
Insurance to the agent or agents applying for the same* 

Sec. 6. It shall be unlawful for any incorporated company or association, part- 
nership, firm or individual, or any member or agent or agents thereof, or for 
any agent or agents of any company incorporated by any foreign government, 
other than a State of this Union, to transact any business of Insurance in this 
State, without procuring a certificate of authority from the Auditor of State. 
Such company, association, partnership, firm, or individual, or any agent or 
agents thereof, having first filed under oath in the office of said Audiior, a state- 
ment setting forth the charter or act of incorporation of any and every such 
incorporated company ; and the by-laws, co-partnership, agreement, articles of 
association, of any and every such unincorporated company, association, partner- 
ship or firm ; and the name and residence of such individual, and the name and 
4 



xlii 

residences of the members of such partnership or firm and the matters required 
to be specified by the first section of this act, and the written authority herein 
mentioned ; aud furnished evidence, to the satisfaction of the Auditor of State, 
that such company has invested in stocks, in some or more of the States of this 
Union, or of the United States, the amount of one hundred thousand dollars, and 
that such stocks are held by citizens of the United States, or in bonds or mort- 
gages of real estate, situated iu the United States, fully securing the amount for 
which the same is mortgaged, or bonds of cities of the United States, the aggre- 
gate market value of the investment of the company, in which shall not be less 
than one hundred thousand dollars ; and such incorporated company, or unin- 
corporated company, association, partnership, firm or individual, or any agent or 
agents thereof, filing said statement, and furnishing evidence of investment as 
aforesaid, shall be entitled to a certificate of authority for such body or indivi- 
dual, in like manner as is provided for in the first section of this act. 

Sec. 7. It shall be the duty of the agent or agents, in either of the foregoing 
sections mentioned, before taking any risks, or transacting any business of Insur- 
ance in this State to file in the office of the clerk of the district court of the 
county of which he or they may desire to establish an agency for any such com- 
pany, a copy of the statement required be filed with the Auditor of State as afore 
said, together with a certificate of said Auditor, which shall be carefully preserved 
for public inspection, by said clerk ; and also cause said statement and certificate 
to be published in some newspaper of general circulation in the cities or counties 
where such agencies are established. 

Sec. 8. The statement and evidences of investment required by this act, shall 
be renewed annually in the mouth of January of each year — the first statement 
to be made in sixty days from the taking effect of this act ; and the Auditor of 
State, on being satisfied that the capital, securities and investments remain 
secure, shall furnish a renewal of certificate as aforesaid ; and the company, agent 
or agents, obtaining such certificate, shall file the same, together with the state- 
ment upon which it was obtained or renewed, in the office of the clerk of the 
district court of the county in which such agent resides. 

Sec. 9. Any person or firm in this State, who shall receive or receipt for any 
money on account of or for any contract of insurances made by him or them, or 
for any such Insurance Company or individual aforesaid, or who shall receive or 
receipt for money from other persons, to be transmitted to any such company or 
individual aforesaid, for a policy or policies of insurance may not be signed by 
him or them, as agent or agents of such company, or who shall in any wise 
directly or indirectly, make or cause to be made any contract or contracts of 
Insurance for or on account of such Insurance Company aforesaid, shall be 
deemed, to all intents and purposes, an agent or agents of svtfdi company, and 
shall be subject and liable to all the provisions, regulations and penalties of the 
act. 

Sec. 10. .That copies of all papers required by this act to be deposited in the 
office of Auditor of State, certified under the hand of such Auditor to be true and 
correct copies of such papers, shall be received as evidence in all courts and 
places, in the same manner and have the same force and effect as the originals 
would have if produced. 

Sec. 11. This act shall not be so construed as in any manner to apply to life 
insurance companies, but shall include within its provisions only the fire and fire 
and marine departments, of any company that may have separate departments 
for life insurance, and fire and marine insurance. 

Sec. 12. Any person or persons violating the provisions of this act, shall, upon 
conviction thereof, in any court of competent jurisdiction be fined in any sum 
not exceeding one thousand dollars, or imprisoned in the county jail not more 
than thirty days, aud fed on bread and water only, or both at the discretion of 
the court. Violations of the provisions of this act may be prosecuted by infor- 
mation filed by the prosecuting attorney of the proper county, or by indictment 
of the grand jury. 

Sec. 13. Any assurance company complying with the requirements of this act, 
and securing the certificate of the Auditor for any of its agents, shall not be re- 
quired to furnish the single statement and evidences required hereby, which be- 
ing filed with the Auditor of the State, shall be deemed a sufficient compliance 
for its free transaction of business in the State. 



xliii 

Sec. 14. All acts and parts of acts, which conflict with this law. are hereby 
repealed. 
Sec. 15. This act to take effect from and after its publication according to law. 
Approved January 28th, 1857. 



AN ACT, 

TO AMEND AN ACT ENTITLED AN ACT IN RELATION TO INSURANCE 

COMPANIES, 
Approved January 28th, 1857. 

Secteon 1. Be it enacted by the General Assembly of the State of Iowa : If any In- 
surance Company, association, firm or individual or their agent or agents, having 
filed its or their statements and evidences of investments as required by the act 
to which tbis is amendatory, and conformed to the requirements of that act. shall 
have on deposit in any other State or Territory, or elsewhere than in this State, 
any portion of its capital or earnings as a guarantee fund for the exclusive bene- 
fit or security of persons insured in such State. Territory or other place, it shall 
be the duty of the Auditor of State to withhold from such body or individual, so 
alienating any such portion of their capital and resources, the certificate and au- 
thority in said acts provided for, untd such body or individual shall file with the 
Auditor of State a statement duly verified by the oath or affirmation of the Presi- 
dent or Secretary of such incorporated company, or member of such incorpora- 
ted company, association, partnership or firm, or by such individual showing the 
amount of premium-* received in this State by such company during the year 
ending on the first of January next, preceding the filing of said statement, and 
shall deposit in this State in such manner as the Auditor of State shall direct, 
five per cent, of the amount so received in money or solvent State or United 
States stocks of at least par value, or mortgages on real estate, situated in this 
State, of at least double the value for which the same is mortgaged — which 
statements and dep.osits shall be so made, from year to year at the time of each 
renewal or original grant of authority by said Auditor, until the sum of forty 
thousand dollars is deposited as aforesaid; which said sum, and every yearly 
part thereof deposited as aforesaid, shall be held under the control of such Au- 
ditor of State, as a guarantee fund for the benefit of such persons as may be in 
any manner insured in their property by such company within this State, and the 
same or any part of the sum so deposited, shall not be drawn out by the deposit- 
ors until all claims for losses or premiums, or risks unexpired, shall be fully 
paid and discharged, or until all deposits made in other States, Territories and 
other places, not within this State, shall be withdrawn. And in case of the in- 
solvency of any such company, the sums so deposited as aforesaid, shall be ap- 
plied by the Auditor of State, protanto, toward the payment of all claims against 
such body or individual, filed in his office, duly liquidated and authenticated, 
and to losses and premiums on risks unpaid, ow polices issued within six months 
after such insolvency may occur ; any such body or individual shall be deemed 
insolvent upon failure to pay any undisputed loss insured against, within this 
State for the space of ninety days after final judgment, for the amount of any 
loss so insured against, when no appeal shall have been taken from such judg- 
ment by either party, or other proceeding begun to vacate, modify, reverse or 
review such judgment, or to arrest the same, or to obtain a new trial. Such 
body or individual shall be entitled to receive the interest er dividends on such 
stocks so deposited from time to time as the same may become due. 

This section shall not apply to any of the aforesaid bodies or individuals who 
have made no such deposit as in this section mentioned, elsewhere than in this 
State. 

Sec. 2. Mutual Insurance Companies, incorporated by any other State than 
the State of Iowa, upon filing in the office of the Auditor the act of incorpora- 
tion of said company, together with a written instrument under the seal of said 
company, under oath, certifying that said company is possessed of a capital of at 
least one hundred thousand dollars, secured by lien on real estate, worth, at 
cash valuation, at least five times the amount of said capital, and not encumbered 
to more than one half of said cash valuation, shall be entitled to a certificate 



xliv 






from paid Auditor, with authority to transact business of insurance in this State; 
and said company shall be exempt from the provisions of an act to which this is 
amendatory, with the exception of the publication of a statement and certificate 
of the Auditor. 

Sec. 3. It shall be the duty of the agent or agents in either of the foregoing 
sections mentioned, before taking any risks or transacting any business of in- 
surance in this State, to file in the office of the Clerk of the District Court of the 
county of which he or they may desire to establish an agency for any such com- 
pany, a copy of the statement required to be filed with the Auditor of State as 
aforesaid, together with a certificate of said Auditor, which shall be carefully 
preserved for public inspection by said clerk ; and said statement and certificate 
shall be published one week in three daily, and three weeks in five weekly news- 
papers of general circulation in the State of Iowa. 

Sec. 4. Section seven of the act to which this is amendatory, and all other 
acts that conflict with the provisions of this act are hereby repealed. 

Sec. 5. Tbis act to take effect and be in force from and after its publication in 
the Iowa Weekly Citizen and Iowa State Journal, without expense to the State. 

STEPHEN B. SHELLEDY, 
Speaker of the House of Representatives. 
OR AN FAVILLE. 

President of the Senate. 
Approved February 9th, 1858. 

RALPH P. LOWE. 
Office of Secretary of State. I 
Des Moixes, Feb. 9th. 1858. \ 
I hereby certify that the foregoing is a true copy from the original roll on file 
in my office. 

ELIJAH SELLS, 

Secretary of State. 



xlv 



MICHIGAN INSURANCE LAW OF 1859. 
AN ACT 

For the Incorporation of Insurance Companies, and defining their power and 

duties. 

Section 1. The People of the Mate of Michigan, enact,— That any number of 
persons, not less than seven, may associate together, and form an incorporated 
company, for either of the following purposes, to wit : 

1. To make insurance on dwelling-houses, stores, and all kinds of buildings, 
and upon household furniture, goods, wares and merchandise, and any other 
property, against loss or damage by fire ; 

2. To make insurance, as aforesaid, upon vessels, freights, goods, wares, mer- 
chandise and other property, against the risks of inland navigation and transpor- 
tation ; 

3. To make insurance upon the health of individuals, and upon the lives of 
domestic animals ; 

4. To make insurance upon the lives of individuals, and every insurance per- 
taining thereto, or connected with life risks, and to grant, purchase, or dispose of 
annuities. 

Sec. 5. Any company organized under this act. shall have power to make re- 
insurance upon any risks taken by tftem, respectively, and may make insurance 
upon any or all of the risks mentioned in the first, second or third subdivisions 
of the first section of this act; but no company making insurance upon the lives 
of individuals, shall be permitted to take any other kind of risks ; nor shall the 
business of life insurance be in any way connected or united, in any company 
making insurance on marine and fire risks. 

Sec. 3. Such persons, so associating, shall file in the office of the Secretary 
of State, a statement, signed by all the corporators, stating their purpose of 
forming a company for the tranaction of the business of insurance, as expressed 
in the several subdivisions of the first section of this act, which statement shall 
also comprise a copy of the charter proposed to be adopted by them, and shall 
publish a notice of such, their intention, once in each week for at least four # suc- 
cessive weeks, in a public newspaper, in the county in which such company is 
proposed to be located. 

> Sec. 1. The^ persons so associating after having filed the statement, and pub- 
lished the notice, as aforesaid, may open books for the subscription to the capital 
of the company so proposed to be organized, and keep the same open till the 
whole amount specified in the charter shall be subscribed ; or. in case the said 
company is proposed to be conducted on the plan of mutual insurance, then to 
op*>n books to receive propositions, and enter into agreements, in manner here- 
inafter specified. 

Sec. 5. The capital stock of any stock company organized under this act, shall 
not be less than one hundred thousand dollars, in shares of fifty dollars each, 
which capital stock may be increased by a vote of two-thirds of the stockholders 
to not more than five hundred thousand dollars ; and no mutual insurance 
company, organized as aforesaid, shall commence business until bona fide agree- 
ments have been entered into for insurance with at least one hundred individuals, 
covering property to be insured to the amount of not less than fifty thousand 
dollars^ At the time of the opening of the books for the subscription of stock in 
organizing a stock company, any person, corporation or company, may subscribe 
to the same, and shall pay, at the time of such subscription, the sum of two 
dollars per share on the stock by each subscribed ; the books may be closed when 
the whole amount of capital stock is subscribed ; and when a board of directors 
is elected, as hereinafter specified, the said persons so associating shall deliver to 
such board the books and money paid in upon such subscriptions, as aforesaid. 



xlvi 

Sec. 6. No company formed for doing the business of life insurance on the 
plan of mutual insurance, shall commence until a cash capital of one hundred 
thousand dollars shall hare been paid in and not to exceed ninety thou-and 
dollars of the same invested in the stocks of this State of the United S-ates. or in 
bonds and mortgages on cultivated farms worth double the amount for which the 
same are mortgaged: the value of the land to be ascertained by three disinter- 
ested commissioners to be appointed by the board of supervisors uf the county 
where such company is located, and farm buildings to form no pari, of the valua- 
tion : Provided. That no such company shall haveTon hand at any time less than 
ten thousand dollars in cash. 

Sec 7. Xo company organized under this act. shall purchase, hold or convey 
real estate except as hereinafter set forth : 

1. Such as shall have been necessary for its immediate accommodation in trans- 
acting business, or 

2. Such as shall have been mortgaged to it in good faith by way of security 
for debts, or 

3. Such as shall have been conveyed to the company in satisfaction for 
debts, or 

4. Such as shall have been purchased at sales upon judgments, decrees or 
mortgages, obtained or made for each debts, and all real estate obtained or 
made for such debts, and all real estate obtained by virtue of any provisions of 
this section, except that mentioned in the first subdivision, shall" be sold or dis- 
posed within five years after the title has been perfected in such company. 

Sec. 8. In addition to the foregoing provisions, it shall be the duty of the cor- 
porators of any company organized under the provisions of this act. to declare in 
the charter, which is hereby required to be filed, the mode and manner in which 
the corporate powers given under and by virtue of this act are to be exercised, 
the mode and manner of electing trustees or directors, a majority of whom shall 
be citizens of this State, and the filling of vacancies, the leriodfor the commence- 
ment and termination of its fiscal year, together with the amount of capital to be 
employed in the transaction of its business, if it be a stock company. They may 
also provide in their charter for the division of the risks, to be insured by the 
company into two or more classes, according to the degree of hazard, or accord- 
ing to the nature or kind of risks to be effected, and if it be a mutual company, 
may prescribe therein the liabilities of the members thereof, to contribute 
toward defraying the losses and expenses of the company, and the mode and 
manner of collecting such contributions. 

Sec. 9. The charter thus filed by the corporation shall be examined by the At- 
torney General, and if found to be in accordance with the requirements of this act. 
he shall certify the same to the Secretary of State, and said Secretary shall 
appoint three disinterested persons, residents of the county wherein such corpo- 
ration is proposed to be formed, who shall certify under oath that a sum at least 
equal to the amount specified in the fifth section of this act, if it be a stock com- 
pany, has been paid in and is possessed by it in money or stocks, bonds and 
mortgages, as are required by the sixth section of this act. or if a mutual company. 
that it has received and is in actual possession of the capital, premiums or 
engagements of insurance, as the case may be. to the full extent required by the 
fifth section of this act. Copies of such certificate shall be tiled in the office of the 
Secretary of State, whose duty it shall then be to furnish the corporation with a 
certified copy of the charter and certificates aforesaid, which upon being filed by 
them in the county clerk's office of county in which such company is located, 
shall be their authority to commence business and issue policies, and the same 
may be used in evidence for or against such corporation. 

Sec. 10. The corporators, or the trustees or directors, as the case may be. of any 
company organized under this act, shall have power to make such by-laws not 
inconsistent with the constitution or laws of this State, as may be deemed 
necssary for the government of its officers and members, and the conduct of its 
affairs. 

Sec. 11. In case any mutual company under this act shall divide their risks 
into two or more classes, pursuant to section ten. then the person insuring in one 
class in said company shall in no event be held responsible for losses occurring 
in the other classes or class, and in case one class should at any time become 
insolvent, then such class may be proceeded against, and its affairs closed up. 
pursuant to the law in relation to insolvent corporations, and such insolvency 






xlvii 

shall in no manner affect the right of the directors to manage and conduct the 
other class or classes in the same manner as if no such insolvency had occurred. 
Srcc. 12. It shall be the duty of the president or vice-president and secretary of 
each company organized under this act, annudly on the first day of January, or 
within the month thereafter, to prepare, under oath, and deposit in the office of 
the Secretary of State, as well as in the office of the clerk of the county in which 
such company shall have an agency, and shall also cause to be published in at 
least one newspaper published in such county, a statement exhibiting the total 
amount of premiums received, and the 'total amount of losses paid and ascer- 
tained, including expenses during the year ; also the amount of debts owing 
by the company at the date of the statement, and the amount of claims which 
then exist against the company for losses accrued, showing what amount of such 
claims for losses is payable on demand, what amount thereof is considered fair or 
legal, the payment of which has not been matured according to the contract, and 
what amount thereof is resisted on account ot alleged fraud, or for which the 
company do not consider themselves legally liable ; also, a statement of the 
securities representing the capital stock, and all funds of the company, and also 
whether any of the securities held or owned by such company are considered 
bad or doubtful, and if so specifying the amount of such securities, and the gross 
amount of outstanding risks thereon, and a list of the stockholders, if a stock 
company, together with the amonnt of their respective shares ; and if upon due 
examination it shall appear to the Secretary of State that the losses and expenses 
of any stock company during the year have exceeded the premiums, and in con- 
sequence thereof the capital of such company has become deficient, or from any 
other cause has become impaired to the extent of twenty-five per cent., it shall 
be the duty of the said Secretary of State to direct the officers of any such com- 
pany within sixty days to proceed to wind up its business, unless within that 
time the stockholders thereof shall pay in the amount of such deficiency. Any 
company receiving such requisition from the Secretary of State, shall forthwith 
call upon its stockholders for such amounts as will make its capital equal to the 
amount fixed by the charter of the said company, and in case any stockholder 
of such company shall refuse or neglect to pay such call, after notice personally 
given or by advertisement, in such manner as the Secretary of State shall 
approve, it shall be lawful for the said company to require the return of the 
original certificate of stock held by such stockholders, and in lieu thereof to issue 
new certificates for such number of shares as the said stockholder may be entitled 
to in the proportion that the ascertained value of the funds of the said company 
may be found to bear to the original capital of the said company, the value of 
such shares for which new certificates shall be issued, to be ascertained under 
the direction of the Secretary of State, and the company paying for the frac- 
tional parts of shares ; and it shall be lawful for the directors of such company 
to create new stock and dispose of the same, and to issue new certificates 
therefor to the amount sufficient to make up the original capital of the com- 
pany. And it is hereby declared that in the event of any additional losses 
accruing upon new risks, taken after the Secretary of State shall have made the 
requisition aforesaid, and before the said deficiency shall have been made up, 
the directors shall be individually liable to the extent thereof. And if, upon 
due examination, it shall appear to the Secretary of State that the losses and 
expenses of any company chartered on the plan of mutual insurance under this 
act, shall, during the year, have exceeded the premiums, and in consequence 
thereof that the capital of the company, as required in its organization, has 
become deficient, or from any other cause has become impaired, it shall be the 
duty of the Secretary of State to direct the officers of such mutual insurance com- 
panies to take the same proceedings as herein required to be taken in case of 
joint stock companies; and until such directions shall be complied with, the direc- 
tors shall be personally liable to pay all damages occasioned by such neglect, to 
any person or body corporate which may be injured thereby. Any transfer of 
the stock of any stock company organized under this act, shall not release the 
party making the transfer from his liability for losses which may have accrued 
previous to the transfer. 

Sec. 13. Suits at law may be maintained by any corporation formed under this 
act, against any of its members or stockholders for any cause relating to the 
business of such corporation, also suits at law may be prosecuted and maintained 
by any member or stockholder against such corporation for losses which may 
have accrued, if payment is withheld more than sixty days after such losses shall 
have become due. 



xlviii 

Sec. 14. All companies formed under this act, shall be deemed bodies corpo- 
rate and politic in fact and in name, and small be subject to all the provisions of 
the statute in relation to corporations so far as they are applicable. 

Sec. 15. In pursuance of this act it shall be lawful for any mutual company 
established under it, to unite a stock capital to any extent as an additional 
security to the members over and above their premiums and stock notes, and the 
directors may allow interest on such capital and a participation in the profits and 
may prescribe the liability of the owner or owners thereof to share in the losses 
of the company. 

Approved February 15, 1859. 



xlix 



TENNESSEE INSURANCE LAWS. 



CHAPTER III. 

OF FOREIGN INSURANCE CORPORATIONS. 

Sec. 1498. No insurance company, or agent of any insurance company inco r 
porated by any other State of the Union, or by any foreign Government, sha^ 
transact the business of insurance in this State, unless said company is possessed 
of at least one hundred thousand dollars of actual capital invested in stocks of at 
least par value, or in bonds or mortgages of real estate worth double the amount 
for which the same is mortgaged. 

1499. No such company shall take any risk or transact any business of insu- 
rance in this State, without first procuring a certificate of authority from the 
Comptroller ; and no such authority shall be issued by the Comptroller until the 
agent of such company produces to him, under the oath of the President and 
Secretary of the same, a statement showing — 

First.— The name and locality of the company. 

Second.— The amount; of its capital stock. 

Third. — The amount of said capital stock paid in. 

Fourth. — The assets of the company, including, 

1. — The amount of cash on hand and in the hands of agents or other persons. 

2. — The real estate owned by the company unincumbered. 

3. — Bonds owned by the company and how they are secured, with the rate of 
interest thereon. 

4. — Debts of the company secured by mortgage. 

5.— Dt bts otherwise secured. 

6. — Debts for premiums. 

7. — All other securities. 

Fifth. — The amount of liabilities of the company, due or not due, to banks or 
other creditors. 

Sixth. — Losses adjuwted and due. 

Seventh.— Losses adjusted and not due. 

Eighth. — Losses unadjusted. 

Ninth. — Losses in suspense waiting further proof. 

Tenth. — All other claims against the company. 

Eleventh. — The greatest amount insared in any one risk. 

Twelfth. — The greatest amount allowed by the rules of the company to be in- 
sured in any city, town or village. 

Thirteenth. — The greatest amount allowed to be insured in any one block. 

Fourteenth. — The act of incorporation of the company. 

1500. Nor until the agent of the company has filed in his office a written 
instrument under the seal of the company, signed by the President and Secre- 
tary, authorizing the agent to acknowledge the service of process for and on behalf 
of the company and be as valid as service according to the laws of this State or 
of any other State, and waiving all claim of error by reason of such service. 

1501. Nor until the Comptroller is furnished with satisfactory evidence of the 
investment of the c >pital stock of such company in the manner herein described. 

1502. Whereupon, the Comptroller shall issue a certificate that all these pre- 
requisites have been complied with, and that said company has authority to take 
risks, and transact the business of insurance in this State. 

1503. But before taking any risk or transacting any business of insurance, 
the agent shall file in the office of the Clerk of the County Court of the county 
in which the company desires to establish an agency, a copy of the statement 

6 



1 

fikd with the Comptroller, and a copy of the Comptroller's certificate of author- 
ity, -and cause said statement and certificate to be published in some newspaper 
of general circulation in the county, for three successive weeks. 

1501. The statement and evidence of investment aforesaid shall he renewed 
semi-annually in the months of January and July in each year, and the Comp- 
troller, on being satisfied that the capital, securities and investments remain se- 
cupe as at first, shall issue a renewal of the certificate of authority ; and the 
age^t. obtaining the same shall file it. together with the statement on which the 
renewal was granted, in the office of the Clerk of the County Court of the coun- 
ty in which such agency is established, and shall cause the sauie to be published 
in at least one newspaper of said county. 

1505. Whenever any loss shall occur of property insured by such company, 
the agent by whom the insurance was made thall retain in his possessioii all moneys 
belonging to said company then in his possession or may thereafter come into his 
possession, till said loss is adjusted and paid. Eut the agent may be discharged 
Iron, (his duty in case suit is brought, he depositing in court double the amount 
meat-ioned in the policy, to abide "he event of the suit ; and he shall also Vie dis- 
cha t ged from said duty if the parties Insured shall not commence suit within 
ninety days after the agent shall have given him written notice that the loss will 
DOi be paid. And if any party insured by such company, sustaining a loss, noti- 
fy any other agent of such company there of. said agent shall reta n all moneys 
of said company thereof, said agent shall retain all meneys of said company then 
or thereafter in his possession in the same manner as is required of the agent 
who made the insurance. 

1.306. Copies of papers deposited in the Comptroller's office, certified by him 
to be true and correct, shall be evidence of the facts contained in them. 

1507. Any person convicted of violating these provisions shall be fined not 
exceeding one thousand dollars, or imprisoned in a county jail not less than 
one nor more than twelve months. 



REVISED CODE— STATE TAX. 

Sec. 553— Sub-Sec. 12. On granting policies of insurance by other than com 
panies chartered by the State, seven hundred and fifty dollars. 

Sub-Sec. 23. On granting policies of insurance on lives by other than compan- 
ies chartered by the State, confined by their charters exclusively to life insurance 
one per cent, upon the amount of premiums received. 



AN ACT TO INCORPORATE THE MIDDLE TENNESSEE INSURANCE 
COMPANY AT LEBANON. AND FOR OTHER PURPOSES. 

Sfc. TO. Be it further enacted. That ail insurance companies, whether char- 
tered by the Legislature of Tennessee or any other State, be required to deposit 
with the Comptroller of this State twenty thousand dollars of six per cent, londs of the 
State of Tennessee, as security for ri.-ks taken by the citizens of this State ; and if 
any iusurance company in this State, or the agent of any insurance company of 
«ny other State, shall take risks without first making such deposit, the person 
so offending shall be guilty of a misdemeanor for each ri*k. and be fined not less 
than one hundred dollars for each offence. 

W. G. WHITTHORNE. 

Speaker of the House of Representatives. 



CONNECTICUT INSURANCE LAW. 



LAW ON INSURANCE COMPANIES' SIGNS AND 
ADVERTISEMENTS. 

AN ACT IN RELATION TO FOREIGN INSURANCE COMPANIES. 

Skc. 1. Every person who shall advertise iu or upon any paper, or sign the 
name of any foreign Insurance Company, incorporated by the laws of any other 
State or country without describing and inserting io said advertisement, in con- 
spicuous letters, the town and State in which said Company is located, shall be 
punished by a fine not less than ten nor more than one hundred dollars. 

Sec. 2. If any person, after being convicted, shall continue such advertise- 
ment for the space of one month or more, he shall pay a fine of not less than $20 
or more than $200 for every month that the same shall be continued. [Approved 
[MaySOth, 1860. 



MASSACHUSETTS INSURANCE LAWS, 

PASSED IN 1«61. 



[Chap. 152.] 
AN ACT CONCERNING THE FORM OF POLICIES OF FIRE INSURANCE 

Be it enacted, fyc, as follows : 

Sect. 1. In all insurance against loss by fire hereafter made by companies 
chartered or doing business in this Commonwealth, the conditions of the insu- 
rance shall be stated in the body of the policy, and neither the application of the 
insured or the bylaws of the company, as such, shall be considered as a warran- 
ty on the part of the contract. 

Sect. 2. This act shall take effect on the first day of July, eighteen hundred 
and sixty one. [Approved April 6, 1861.] 



[Chap. 170.] 
AN ACT IN REGARD TO AGENTS OF INSURANCE COMPANIES. 
Be it enacted, fyc, as follows: 

Any person who solicits insurance on behalf of any firm or life insurance com- 
pany, whether chartered in this Commonwealth or elsewhere, or who transmits 
for any person other than himself, an application for insurance or a policy of 
insurance, to or from said company, or advertises that he will receive or trans- 
mit the same, shall be held to be an agent of that company, to all intents had 
purposes, and within the meaning of section seventy-seven of chapter fifty-eight 
of the General Statutes, unless it can be shown that he receives no commiben->n, 
or other compensation or consideration, for such service, from the said company, 
[Approved April 10, 1861.] 



lii 

[Chap. 186.] 
AN ACT TO REGULATE THE FORFEITURE OF. POLICIES OF LIFE 

INSURANCE. 

Be it enacted., &f2., as follows : 

Sect. 1 No policy of insurance on life, hereafter issued by any company 
chartered by the authority of thi<* Commonwealth, shall be forfeited or become 
void by the non-paymeut of premium thereon, any further than regards the 
right of the party insured therein to have it continue in force beyond a certain 
period, to be determined as follows, to wit : The net value of tbe policy, when 
the premium becomes due and is not paid, shall be ascertained, according to the 
" combined experience," or " actuaries '' rate of mortality, with interest at four 
per centum per annum. After deducting from such Det value any indebtedness 
to the company or notes held by the company against the iusured, which notes if 
given for premium shall then be cancelled, four-fifths of what remains shall be 
considered as a net single premium of temporary insurance, and the term for 
which it will insure shall be determined according to the age of the party at the 
time of the lapse of the premium, and the assumptions of mortality and interest 
aforesaid. 

Sect. 2. If the death of the party occur withiu the term of temporary insu- 
rance covered by the value of the policy, as determined in the previous action, 
and if no condition of the insurance other than the payment of premium shall 
h ive been violated by the insured, the company shall be bound to pay the amount 
of the policy, the same as if there had been no lap=?e of premium, anything in 
the policy to the contrary notwithstanding ; provided, however, that notice of the 
claim and proof of the death shall be submitted to the company within ninety 
days after the decease ; and provided, also, that the company shall have tbe 
right to deduct from the amount insured in the policy, the amount of six per 
cent, per annum of the premiums that had been forborne at the time of the 
death. [Approved April 10, 1861.] 



[Chap. 189.] 
AS ACT RELATING TO THE TERM OF INSURANCE POLICIES 

Be it enacted, fyc, as follows : 

Sect. I. The last clause of the twenty -fourth section o p the fifty- eighth chap" 
ter of the General Statutes, to wit : " No policy shall be issued for a term ex- 
ceeding seven years," shall not apply to life insurance companies. 

Sect. 2. This act shall take effect upon its passage. [Approved April 10, 
1861.] 



liii 



MAINE INSURANCE LAW. 



AN ACT IN RELATION TO FIRE AND MARINE INSURANCE COM- 
PANIES, AND ACTIONS ON CONTRACTS OF INSURANCE. 

Be it enacted by the Senate and the House of Representatives in Legislature assembled, 
<%s follows : 

Sec. 1. No foreign Insurance Company making insurance on property within 
this State, or belonging to a citizen of this State, shall by any condition, stipu- 
lation or restriction in its charter, by-laws or contracts of insurance, deprive the 
courts of this State of jurisdiction of actions against the company, or limit the 
time of commencing such actions to a period less than two years from the time 
the right of action shall accrue. 

Sec. 2. An agent authorized by an insurance company to reeeive application 8 
for insurance and payment of premium, or whose nime shall be borne on the 
policy,«shall be deemed the agent of said company in all matters of insurance ; 
any notice required to be given to said company or any of its officers, by the 
insured, may be given to such agent ; any application for insurance or valuation 
or description of the property, or of the interest of the insured therein, if drawn 
up by said agent, shall be conclusive upon the company, but not upon the in- 
sured, although signed by him ; all acts, proceedings, and doings of such agent 
with the insured, shall be as binding upon the company as if done and perform- 
ed by the person especially empowered or designated therefor by the contract. 

Sac. 3. All statements of description or valuation, in any contract of insu- 
rance or application thereof, shall he deemed representations and not warranties; 
an omission to notify the company of other insurance, either prior or subsequent 
to the policy, or to procure the assent of the company thereto, or the conceal- 
ment of any other matter not material to the risk, shall not effect the policy un- 
less done designedly and for a fraudulent purpose. Any misrepresentations of 
the title or interest of the insured, unless the same is fraudulent, shall not prevent 
his recovering on the policy the amount of his insurable interest; a misrepre - 
sentation of title to a parcel of the property insured shall not effect the contract 
as to other parcels, either real or personal, covered by the policy. 

Sec. 4. No insurance company shall avoid payment of a loss by reason of 
incorrect statements of value or title, or erroneous description by the insured in 
the contract of insurance, if the jury shall find t!ie difference between the pro- 
perty as described and as really existing did not contribute to the loss or materi- 
ally increase the risk ; any change in the property insured, its use or occupation, 
or breach of any conditions or terms of the contract bv the insured, shall not 
effect the contract unless the risk was thereby materially increased. 

Sec. 5. In case of loss, under a policy against fire, the insured shall notify 
the company or its agetit, of the fire, and within a reasonable time afterwards he 
shall deliver to the company or its agent as particular account of the loss and 
damage as the nature of the case will admit, stating therein his interest in the 
property, what other insurance, if any, existed tnereon, in what mauner the 
building insured, or containing the property insured, was occupied at the time 
of the fire, and by whom and when and how the fire occurred, as far as he 
knows or believes ; such statement shall be sworn to before some disinterested 
magistrate, who shall testify that he has examinnd the circumstances attending 
the loss, and has reason to and does believe such statement is true ; the insured 
shall, if so requested, within ten days after the notice of such loss, exhibit to 



liv 

the agent or company his book of account, bills of parcels, and any oth^r 
vouchers in his possession, and sjball also, if requested, at the same time submit 
to an examination under oath, in the place of his residence : no other prelimin- 
ary proof of any kind shall be required before commencing any action against 
such company. All provisions, contained in any policy or contract of insurance, 
in conflict with any of the provisions of thi< acr, are hereby declared null and 
void, and all contracts of iusurance hereafter made, renewed or exfe nded in this 
State, or on property within this State, shall be subject to the provisions of this 
act. 

Sec. 6. This act shall effect and be in force from and after the first d*y of 
May next, and shall not affect cases now pending. I Approved' March 15. 1861.] 



It 



INSUKANCE LAWS OF PENNSYLVANIA. 

AN ACT 

RELATING TO THE COLLECTION OF TAXES ON FOREIGN INSURANCE 

COMPANIES. 

Be it enacted, &c. 

That any Fire. Marine, Inland, or Life Insurance Trust or Annuity Company, 
incorporated by any other State of the United States, or by any foreign govern- 
ment, as set forth in the first section of the Act of As embly. approved the 9th 
day of April, 1856, entitled, " An Act relating to the Agencies of Foreign In- 
surance, Annuity, and Trust Companies. ■' and foreign associations, firms, indivi- 
duals, or copartnerships entered into, formed, or established, for insuring fire, 
marine, inland, or life risks, granting annuities, or accepting tiusis, as mentioned 
in the act approved the 12th day ot May. 1857, entitled, " A supplement to the 
act relative to the Agencies of Foreign Insurance. Trust, and Annuity Companies, 
approved April 9tb, 185(5,'' which shall have received license to transact business 
by an agent or agents, in any county of this commonwealth, under the provisions 
of the act of 9th of April, 1850, and of the said supplement thereto, and shall 
have established agency or agencies therein, for the space of three successive 
years immediately preceding the application for a license under the provisions of 
this act, and which shall have satisfactorily complied with the several provisions 
of the said act of 9th of April, 1856. may, at any time, after the passage of this 
act receive from the Auditor-General a license to transact business within this 
commonwealth, for a space of time or period not exceeding five years from the 
time of granting such license, upon terms and conditions following : 

That such company, association, firm, or individual, shall, at the time of re- 
ceiving such license, pay in advance to the Treasury of the State, for the use of 
the commonwealth, a sum equal to the annual sum required to be paid on the 
granting and renewal of the license, in each county in which they shall transact 
business, as specified by the fourth section of said act of 9th of April, 1856, for 
every year for which a license shall be granted under the provisions of this act, 
and shall likewise pay in advance for every year for which a license shall be 
granted, under the provisions of this act, a sum equal to three per cent, on the 
dollar, on the average amount of the premiums, gross sum paid for annuities, and 
commissions for executing trusts annually received at such agency or agencies 
within this commonwealth, during the next three preceding years for which 
license had been granted to such company, association, firm, or individual. 

Such sums when paid shall be received by this commonwealth in lieu and satis- 
faction of all other taxes, license fees, and percentage on premiums, which might 
otherwise be, or have been imposed by laws of this commonwealth, upon the 
said company, association, firm, or individuals and their agents, for transacting 
their business within any county of this commonwealth, during the period for 
whicb said license shall be granted. 

Sec. 2. Every such company so receiving a license to transact business within 
this commonwealth for a term of years shall, in all other respects, saving the 
payment of the annual sum for the renewal of such license, and of the sum of 
three per cent, thereby directed to be retained out of every dollar received for 
premiums, gross sums paid for annuities, and on all commissioners executing 
trusts to be paid to the Treasury of the Commonwealth, as set forth in the 4th 
section thereof, be subject to ttie other provisions of the said act of the 9th of 
April, 1856. 

Sec. 3. Whenever any company, association, firm, or individual shall apply for 
a license to transact business under the provisions of this act, before the expira- 
tion of the year for which the license had been received under the provisions of 
the act of 9th of April, 1856, the Auditor-General shall, before issuing *a license 



1V1 

under the provisions of this act, require payment to the Treasury of the Common- 
wealth of the sum of three per ceut. on the dollar, on all premiums, gross sums 
paid for annuities, and on all commissi© ners executing trusts, received by such 
company, firm, or individual, at any agency or agencies within this commomwealth, 
from the time of the graining of such license, under the act of 9th of April, 1856, 
up to the date of the granting of another license, under the provisions of this act : 
provided, however, that a credit shall be allowed to such company, association, 
firm, or individual, upon the payment required to be made to the Treasury of the 
State, under the provisions of this act, for a proportional part of the annual 
license fee previously paid to the commonwealth, lor the unexpired portion of 
the year for which such license had been previously granted. 

Sec. 4. That in the event of the death of any agent or agents to whom license 
may be issued, under the provisions of this act, and before the expiration of the 
period for which such license shall be granted, or in case such agent or agents 
shall resign, be dismissed, become incapable, or shall remove from the county 
and State before the expiration of said period, it shall be the duty of the Auditor- 
General, upon application of such company, association, firm, or individual, ac- 
companied by the production of a proper instrument, appointing another person 
to be their attorney, resident in that State, on whom process of law can or may 
be served, together with a certified copy of the resolutions of the Board of Direc- 
tors or managers of such company appointing such other attorney or agent to 
issue a license to such, company, association, firm, or individual to transact their 
business by such other attorney or a^ent, during the unexpired period of the term 
for which such license was originally granted, in the same county or counties 
within this commonwealth, without requiring any other or further payment there- 
for ; provided, however, such new attorney or agent shall, at the time ot re- 
ceiving such other license, give bonds in the amount, conditioned for the same 
purposes, and to be apptoved in the same manner and with the like effect, in all 
respects as is provided by the 6th section of the act of 9th of April, 1856. 

Sec. 5. Whenever the amount received for premiums, at any agency within this 
commonwealth, by any company, association, firm, or individual which shall re- 
ceive a license under the provisions of this act. shall, in any one year, exceed the 
average annual receipts for premiums upon which the payment of three per cent. 
on the dollar is required at the time of the granting of such license, that th<n, 
and in such case it shall be the duty of such company, association, firm, or in- 
dividual, and their agent, at the time of rendering the annual statement required 
by the act of 9th of April, 1856, to pay to the Treasury of the State, for the use 
of the commonwealth, the sum of three per cent on the dollar on the account of 
the excess of the premiums received at such agency, during any year, over the 
said annual average receipts upon which a payment of three cents on a dollar 
was required at the time of granting of such license, and in default of payment 
being made, it shall be the duty of the Auditor-General of the Commonwealth to 
forthwith enforce payment of the same, by a suit against the agent of said com- 
pany, upon the bond required by the act of 1856 ; and for the purpose of tne 
better enforcing the provisions of this section, the Auditor-General shall require 
from the agent of any such company, association, firm, or individual, a statement 
under the oath or affiimation of such agent. settiDg forth the amount received 
for premiums at any agency established within this commonwealth, under the 
provisions of this act, for every year or part of a year ending on ihe thirty first 
day of December, duriDg the "continuation of such license : provided that this 
act shall apply only to such companies as have an agency in the City of Phila- 
delphia. 

Approved May 1st, A.D., 1861. 



XI IX 



NEW JERSEY INSURANCE LAW, 



LAW AFFECTING "FOREIGN" COMPANIES. 

AN ACT TO REGULATE THE BUSINESS OF FIRE INSURANCE BY COM- 
PANIES OR ASSOCIATIONS, NOT INCORPORATED BY THTS STATE. 

1. Be it enacted by the Senate and General Assembly of the State of New 
Jersey, That it shall not be lawful for any company or association chartered by 
another State, or foreign government, to transact any business connected with 
insuring property situated in this State, against loss or damage by fire, until they 
have first filed a statement with the Secretary of State, setting forth the amount 
of the capital of said company and all their pr<sent assets, income for the year 
past, amount of premiums received for the preceding year, on property situated 
in this State, amount of losses, expenses, and other payments, and the amount of 
existing liabilities for unpaid losses, and showing whether any, and if so how 
much, is contested on the ground of fraud, or otherwise, and it shall be the duty 
of the Secretary of State to prepare a form of statement to be filled up by the 
foreign companies or associations, establishing agencies or transacting the business 
of insurance in this State, which form shall embrace the above mentioned particu- 
lars, and such others as may be deemed necessary by the Secretary of State to 
elicit the the actual pecuniary condition of the company or association making 
the statement. 

2. And be it enacted, That if, upon filing the statement aforesaid, it shall appear 
that the company or association is possessed of a sound, well inve.-ted capital of 
at least one hundred and fifty thousand dollars, over and above all claims and 
liabilities, and has given the bond to pav the tax hereinafter provided for, thea 
the Secretary of State shall issue a certificate of authority, allowing an agency t# 
be established in the county where such agency is applied for, for one year from 
the first of January ; the statement above referred to shall be sworn to by the 
president and secretary of the company or association applying, and ^hall be re- 
newed anually during the month of January in each year. 

3. And be it enacted. That upon filing the certificate, and annually thereafter 
during the month of January in each year, the agent on whose behalf the certifi- 
cate of authority is issued, shall enter into a bond with the collector of the county 
in which his agency is located, in the penal sum of one thousand dollars, condi- 
tional for the payment of a tax of two per cent, on all the premiums paid or 
agreed to be paid to the said company, on all property insured by them in this 
State ; and the account of premiums received by said company for insuring 
property in this, State shall be sworn to by the president, secretary and agent of 
said company, and shall be filed with the county collector, and the tax of two 
per cent aforesaid shall be paid in the month of January in each and every year, 
during the continuance of such agency. 

4. And be it enacted, That the taxes paid to the county collector as provided 
for by the preceding section, shall be paid over to the persons and for the use of 
the parties mentioned in the second, third and fourth sections of an act, entitled 
" A supplement to an act, entitled • An act relative to insurance companies, ap- 
proved April fifteenth, eighteen hundred and forty-six,' approved March tifih, 
eighteen hundred and fifty.'" 

5. And be it enacted, That there shall be paid to the Secretary of State, by 
every company seeking to establish an agency, the sum of twelve dollars for 

5 



each annual statement filed, and for every certificate of authority the sum of five 
dollars. 

6. And be it enacted, That the Secretary of State shall have authority to re- 
voke and cancel any certificRte of authority issu- d by him, upon being satisfied 
that the statement upon which it was issued is fraudulent, or that the capital of 
the company since the issuing of the certificate has become impaired, and is of 
less amount than the sum mentioned in section second of this act. 

7. And be it enacted, That if any person shall act as the agent of any foreign 
insurance company without having first obtained the certificate of authority, as 
mentioned in section second of this act, he shall pay a fine of one hundred dollars, 
for each offense, which shall be sued for by the collector of the county for the 
benefit of said county, or be paid over by said collector to the fire department 
fund, as is provided for in the case of taxes on premiums ; the suit for the re- 
covery of the fine aforesaid may be brought by a prosecutor of the pleas, or by 
t ?i e attorney general, in any court of record of this state, and the person against 
whom a judgement shall be obtained may be committed to the county jail until 
such tine and costs are paid. 

8. And be it enacted, That all and every person and persons who shall make 
or cause to be made, procure or cause to be procured, or who shall directly or 
indirectly, act in the making, or causing to be made, or in procuring or causing 
to be procured, any agreement, coutract, or policy of insurance against fire. up«>n 
property in this State, by any insurance company or association not incorporated 
by ihe la^-s of this State, shall be deemed and considered to be an agent within 
the meaning of this act, and shall be liable to the penalties herein mentioned. 

9. And be it enacted, that the first statements contemplated and required by 
this act shall be made on or before the first day of May next, and the certificates 
of authority issued upon thesr* statements shall authorize the continuance of the 
agency or agencies until the first day ot January, A. D., eighteen hundred and 
sixty-oue. 

10. And be it enacted, That so much of all acts or parts of acts heretofore 
passed as may be inconsistent with this, are hereby repealed. 

11. And be it enacted, That this act shall take effect immediately. 
Approved March 19, 1860. 



THE MUTUAL LIFE INSURANCE CO. OF NEW YORK. 

Established 1843. 

No. 94 BROADWAY, NEW YORK- 

Acumulated Assets, Feb. 1st., 1862, $8,086/260,60. 



A complete memoir of the progress of this company would involve 
the whole history of the development of Life Insurance in the United 
States. Until the advent of the Mutual Life, very little bad been ac- 
complished in this country in behalf of Life Insurance In Boston, 
Philadelphia and Baltimore, some feeble attempts had been made to 
introduce the business, but the greater portion of what was done, vras ef- 
fected by the agents of a few English companies. Within the compara- 
tively short space of 20 years — l-5th of one century — a little over half 
a generation — Life Assurance has grown up, in New York especially, into 
great strength and power, and holds a prominent and popular position 
among the highest financial institutions of the age. It is gradually 
becoming a fixed idea — a habit — a necessity of our civilization, and 
may henceforth be set down as an indispensable agent of our social 
system. The following summary of the operations of the Mutual Life 
will therefore prove interesting and instructive : 

The charter of the Company was granted by the Legislature of New 
York, on the 12th of April, 1842, and on the 9th of May, 1842 the first 
meeting of Trustees was held, Robert B. Minturn in the chair, and Morris 
Robinson, Esq., was elected President. 

1843. — February 1st. — On this day the first payment for premium 
($109.50) was received by the Company on Policy No. 1, for $3,000. 
The following summary exhibits the subsequent progress : 



lii 





rA 








a 




c So 




Amount of 


Amount of 


°1 
& * u 


r n 


t - .i 


Amount 


Premiums re- 


claims paid, in- 


O M C3 
— _3 QJ 


_• 


"a .2 


assured. 


ceived. 


cluding addi- 


11^ 


2 *"s 

k 1 


5 ^ 
*1 






tions. 


*3 


1844 


470 


$1,640,718 


$37,293.90 


None. 


None. 


1845 


616 


1.968,922 


81,990.34 


18.000 


5 


1846 


1.047 


2,858.817 


145,189.97 


18.100 


7 


1847 


1,086 


2.594,195 


179.762.92 


69.400 


23 


1848 


1.467 


3,756,603 


298,153,72 


71.150 


29 


1849 


1,505 


3.427,428 


302.153.03 


98,236.91 


27 


1850 


1,756 


4.074.490 


421,768.86 


179,829.13 


64 


1851 


1,363 


3,103,200 


454,142.97 


160,894.32 


71 


1852 


978 


2.284.3.14 


461,147.28 


174,582.89 


50 


1853 


1,061 


2.967,133 


546,148.06 


214,429.26 


68 


1854 


1.259 


3 679.744 


572,722.37 


177.176.54 


72 


1855 


1,569 


4.720.600 


642,091.95 


316,509.78 


85 


1856 


1.698 


5.498,545 


699,719,06 


312.702.46 


81 


1857 


2.041 


5.878.457 


808.101.98 


297,921.30 


75 


1858 


1.863 


5.852.087 


906.569.93 


317.043.13 


98 


1859 


1,728 


5.476.230 


989,483.74 


311.503.15 


86 


1860 


1.72 


5.343 325 


1,084.841.86 


- 386,519.13 


89 


1861 


1,701 


5,051,291 


1.128,680.07 


345,696.50 


90 


1862 


1.121 


3,816,325 
$73,792,454 


1,111,789.12 


351,184.75 


120 




26,050 


10,864,754.83 


$3,931,103.89 





Total No. of Policies issued, 26,050 

" amount insured $73,792,454 

" Premium received, 10,864,754.83 

" Death claims paid, with additions 3,931,103.89 

Within the 20 years, not yet completed, several changes have taken 
place in the officers and trustees of the Company. Death has removed 
the first President, Secretary and Actuary, besides 17 of the original 
or elected Trustees, namely : 

Morris Robinson, Pres., Sam'l Hannay, Sec, Chas. Gill, Actuary. 

TRUSTEES. 

Conrad W. Faber, Elihu Townsend, 

Mortimer Livingston, Henry Brevoort, 

David C. Golden, Robert C. Cornell, 

Jacob Harvey, Zebedee Cook, 

James J. Ring, William S. Hyslop, 

John W. Leavitt, D. A. Comstock. 

T. Romeyn Beck, Joseph Blunt. 

Jonathan Miller, Charles J. Stedman. 
Cephas H. Norton. 



liii 



LIST OF PRESIDENTS. 

Morris Robinson, first President, died May, 1849. 
Joseph B. Collins, second President, elected May, 1849. 
Frederick S. Winston, third President, " June, 1853. 

Dr. Mintubn Post, the Medical Examiner of the Company, has held 
the office from the beginning. 

Isaac Abbatt, Esq., the present Secretaiy, has been in the office from 
the beginning, and has been Secretary since the death of Samuel 
H ann ay, in 1849. 

Sheppard Homans, was appointed Actuary in 1855, on the death of 
the first Actuary, Charles Gill. 

Finally, and apropos to the special end and aim of the Company, 
we find from the Mortuary Record of the office, that there has been, 
since the organization, eleven hundred and forty deaths among the 
insured, representing claims, in all, amounting to $3,934,103.89, inclu- 
ding $313,858.89, being the additions made to policies for profits. 

Having achieved such a great success in the first 19 years, it is 
reasonable to expect from its present high vantage ground, that the 
future of the company will be fully commensurate with the progress of 
the nation in population, wealth and culture. 

The management of this Company is a work of great labor and un- 
tiring watchfulness. It is not merely in the taking of applications, and 
issuing policies — hut the proper investment and appropriation of the 
large receipts of the office, arc anxious and onerous duties. This must 
go on constantly, in order to secure that accumulation of interest on 
which all the calculations of the company are dependent. Thus the 
Company acts as a great moneyed institution, applying the savings of 
the members towards the development of the industries and enterprises 
of the time. But this is accomplished by providing for the members 
the most ample security on the investment of their money. 

In whatever aspect it is viewed, the Mutual Life is an institution 
of great public value and importance, and entitled to the highest con- 
fidence of the community. 

OFFICERS. 
FREDERICK S. WINSTON, President. 

ISAAC ABISATT, Secretary. SHEPPARD HOMANS, Actuary. 

JMLItfTURJ* POST, M.D., Medical Examiner. 



liv 



BOARD OF TRUSTEES 



Frederick S. Winston, 
John Y. L. Pruyn, 
Wiiliam Moore, 
Robert H. McCurdy, 
Isaac Green Pearson, 
Martin Bates, Jr., 
Wm. J. Bunker, 
William Beits, 
John P. Yelterton, 
John Wadsorth, 
Alfred Edwards. 
Nathaniel Hayden, 
John M. Stuart, 
George R. Clark, 
Sam'l. E. Speoulis. 
Saml. M. Cornell, 
Lucius Robinson. 
W. Smith Brown. 



Richard Patrick. 
William H Popham, 
William A. Haines. 
Ezra. Wheeler. 
Seymour L. Husted.. 
Samuel D. Babcock. 
Millard Fillmore. 
Dayid Hoadley, 
Hinry A. Smythe, 
William V. Brady. 
W. E. Dodge. 
George S. Coe. 
Wm. K. Strong. 
Aizx, W. Bradford. 
Wm. M. Yeemilye. 
John E. Dzvelin. 
Wellington Clapp. 
M. M. Freeman. 






lv 



HOME INSURANCE COMPANY OF NEW YORK. 

112 & 114 BROADWAY. 

FIRE AND INLAND NAVIGATION INSURANCE. 
[ORGANIZED APRIL 13, 185 3-] 



1853 formed an important epoch in the history of fire insurance in 
this State. Tip to that period the largest capital put up by any of our 
city fire insurance companies was $350,000, by the "North River," 
organized in 1S52, and the next in amount was the Metropolitan with 
$300,000. Under the general law of 1849, (amended in 1853), the 
minimum capital was fixed at. $150,000, and that amount was not ex- 
ceeded by many of the companies organized up to 1853. But in this 
year two companies were formed in New York with a cash paid up 
capital of Half a Million Dollars each, namely the Continental 
and the Home. The promoters of these companies resolved to estab- 
lish such offices in New York as could by strength of capital not only 
command complete confidence at home but also fairly compete with 
the Eastern companies which then controled the agency business all 
over the country. The Home was started under these circumstances 
with a paid up cash capital of $500,000, and a large and influential 
list of Directors. S. L. Loomis, Esq., formerly Secretary of the iEtna 
Fire of Hartford, was elected first President of the Home with 
Charles J. Martin, as Secretary. 

In 1855, Charles J. Martin, Esq., was appointed President, in the 
room of Mr. Loomis, resigned. 

In 1858 the Directors increased the Capital to $600,000 and the fol- 
lowing year put it up to One Million Dollars — thus placing the com- 
pany at the head and front of all our local fire companies. The pro- 
gress of the office has been from the beginning all that its best friends 
could desire. In the following summary compiled from the annual 
reports, we present a complete view of the business transacted in the 
9 years since its organization, which gives these results : 
Total receipts for premiums and interest on 

investments in 9 years $5,367,012.39 

Total losses paid in same time 2,688,133.76 

Dividends do 965,000.00 



lvi 



SUMMARY FOE NINE YEARS. 



1853 
1854 
1855 
1856 
1857 
1858 
1869 
1860 
1861 



Capital. 



$500,000 



600.000 
1,000,000 



Assets. 



$647,073.45 

742,378 

812,598 

872,823 

793.103 

1,077,990.40 

1,458.396.28 

1.494,164 65 

1,521,268.08 



Income. 



$190,444.23 
432.391.40 
414.531.71 
502,317.80 
523.696.87 
593.342.65 
756,869.84 

1,034,117.93 
919,299.96 



$5,367,012,39 



Losses Paid. 



$12,062.32 
216.640.90 
241,647.27 
246.897.56 
273.582.61 
218,575.77 
346,444.53 
596,806.80 
535,476.00 



$2,688,133.76 



Dividends. 
Declared. 



$65,000 
25,000 
110.000 
175,000 
110.000 
220,000 
160,000 
100,000 

$965,500 



{From the Wall Street Underwriter, April, 1862.) 



HOME INSURANCE COMPANY OF NEW YORK. 



The annual statement of this our foremost local fire company, made up to first 
of January last, shows a condition of such positive strength and prosperity as 
to challenge unqualified admiration. In a circular accompanying the statement 
subscribed Charles J. Martin, President, A. F. Willmarth, Vice-President, and 
John McGee, Secretary, those well accredited officers very justly say : " The 
well-known reputation of the Home, for fair and honorable dealing. togethe r 
with its capital of one million dollars, aud surplus of about half a million in 
addition, all well invested, "commend it to the special favor of all who desire 
reliable protection in the way of insurance, either fire or inland." 

This is not saying one word too much for their company. The Home is the. 
crack company of our State, in high credit all over the Union, worked upon a 
comprehensive plan, and managed with admirable skill and efficiency. The 
assets of the Home on first of January last summed up to $1,521,268 08, against 
an actual liability of only $55,080 43 ! and moreover it is worth noting that the 
assets are all of the very first cla?s. The balance in bank in cash was $120,434 14, 
very nearly enough to set up an ordinary company, bonds and mortgages 
$910,219 63, secured on real estate worth $1,715,900, and then goverment and 
other stocks, equivalent to cash and convertible into cash any day $320,636. 
Any one who is not satisfied witht the security of the Home as an insurance insti- 
tution must be hard to please. 

In 1861 the Home wrote $106,715,148 00, taking $829,903 premium, and paid 
losses $535,775, including some losses for the year 1860. A dividend of 10 per 
cent, was paid on the million capital ; and after reserving an ample reinsurance 
fund the company shows a "net surplus" of $160,644, clear over capital and all 
claims, actual or possible, practical or theoretical. 

The Home is a good " testimony" in all places to the enterprise, energy, and 
progress of the city of New York. 



lvii 

In commenting on the present condition of the Joint Stock Fire 
Companies of this State, Mr. Barnes in his last report directed spccia^ 
attention to the progress and business of the Home, in the following 
very succinct manner : 

(From TJiird Annual Report of Hon. Wm. Barnes. Insurance Superintendent of the 
State of Neiv York— 1862.) 

There are now ninety-five Joint Stock Fire Insurance Companies incorporated 
by the State of New York, engaged in the transaction of business ; of these com" 
panies, fourteen only, received premiums during last year amounting to over one 
hundred thousand dollars ; four only, received premiums above the sum of two 
hundred thousand dollars, and the premium income of one only, exceeded three 
hundred thousand dollars. The premium receipts of this Company, the Home, 
with a capital of $1,000,000,00, were $829,908,33. The premium income of thirty 
of the smaller companies was $851,578 65 only, with capitals, however, amount- 
ing in the aggregate to the sum of $4,900,060 00. 

This state of things should be improved ; the premium income of the mass of 
our Fire Insurance Companies is by far too small for their capitals, and inade' 
quate to the proper support of a separate and independent corporation. The 
experience of the Home, Security, Continental, Manhattan, Phoenix, Lorillard and 
other companies has demonstrated that, with proper skill, tact and sagacity 
business can be increased and managed to an indefinite extent, with entire safety 
and even additional security to the company. We have now the machinery and 
organization in working order, for nearly one hundred Joint Stock Fire Insurance 
Companies. In the course of a few years, their business can be safely doubled 
and even quadrupled, without doubling or quadrupling the yearly expenses. 
Any considerable expansion of business must of course be mainly eifected 
through the instrumentality of reliable, safe and well managed agencies. 

The premium income of the Home, amounts to nearly one-eighth part that 
of the ninety-five companies combined, so that eight corporations like the 
Home, could conduct the entire business of all these companies. 

If each company transacted the same amount of business as the Home, the ag- 
gregate premium income would reach the enormous amount of over seventy- 
eight millions of dollars per year. Our companies are not too numerous for 
the great future of this country, if managed on the progressive scale demanded 
by the spirit of the American people. 

On the 17 th of July instant the Home published the following 
Eighteenth Semi-Annual Statement, showing the precise condition of 
the Company's business and investments on the first of July, 1862. 



Vlll 



HOME INSURANCE COMPANY OF NEW YORK. 
Office, Nos. 112 & 114 Broadway 

Cash Capital $1,000,000 00 

Assets. 1st July, 1862 1.585.679 16 

Liabilities 57,826 32 

ABSTRACT OF THE EIGHTEENTH SEMI-ANNUAL STATEMENT. 

Showing the condition of the Company on the first day of July, 1862. 

Assets. 

Cash. Balance in Bank $143,439 C6 

Bonds and Mortgages, being first lien on Real Estate,. . 818,694 53 
Loans ou Stocks, payable on demand, (market value of 

securities, $172,030 00,) 116,769 31 

United States Stocks, (market value,) ■ 155,750 00 

State and Municipal Stocks and Bonds, (market value,) 70,206 00 

Bank Stock, (market value,) 78,600 00 

Real Estate 60,207 55 

Interest due on first July, 1862, (of which, $24,162 84 

has since been received) 27,550 87 

Balance in hands of Agents and in course of transmis- 
sion from Agents, on 1st July, (of which $14,849 73 

has since been received) 59.024 74 

Bills Receivable, (for Premiums on Inland Risks.) 44.012 07 

Other Property, Miscellaneous Items, 10,097 54 

Premiums due and uncollected on Policies issued at office 1,326 89 

Total, $1,585 679 16 

Liabilities. 

Claims for losses outstanding on first July, 1862 $57,456 32 

Due Stockholders on account former dividends, 370 00 

CHARLES J. MARTIN. President. 
A. F. W1LLMARTH, Vice-President 
JOHN McGEE, Secretary. 




I IX 



CONTINENTAL FIRE INSURANCE COMPANY. 
Company's Building— No. 102 BROADWAY, N. Y. 

(Incorporated January 1853.) 

Original Cash Capital paid in and invested $500,000 

Assets, July 1st, 1862 $1,116,674 75 



Previous to the year 1853 the highest cash capital of any fire in- 
surance company in New York was $350,000, and this amount 
in only one instance, that of the "North River" Company. Under the 
general law of 1849 the minimum capital was fixed at $150,000 and 
the majority of our companies did not exceed that figure. It was 
wisely resolved by the promoters of the Continental to put up such a 
capital as would place the Company in a commanding position 
throughout the country. The experience of nearly ten years 
has fully established the wisdom of that resolution. Now we have in 
New York City three fire insurance companies, each with half a million 
capita], and one, The Home, has gone up to the full million, whilst the 
influence of all our leading New Y"ork offices has been extended and 
their high reputation firmly established all over the Union. These 
things may be dated from 1853, and the Continental is entitled to the 
credit of being the precursor of the movement. 

On the organization of the Company, William V. Brady, Esq., Ex* 
Mayor and late Postmaster of New Y r ork, was appointed President^ 
and Geo. T. Mope, Esq., formerly Secretary of the Jefferson l^ire, was 
elected Secretary. The business of the Company was commenced at 
No. 6 Wall street, and subsequently carried on at 18 Wall street up 
to the beginning of the present year. 

For the first 3| years the business was conducted simply on the old 
Stock principle ; however, in the year 1856 the Trustees and Managers 
of the Company resolved on assimilating as closely as possible to the' 
Mutual System — at least to admit the customers to participate in the 
profits of the business after providing a moderate compensation to the 
Stockholders for the indemnity afforded by their capital. On this basis 
it was arranged that 75 per cent., three-fourths of the profits, should 
be allotted annually to all customers insuring on that plan, and that 



lx 



this profit fund should be set apart and reserved until the accumulation 
reached $500,000. In the meantime scrip, bearing 6 per cent, inter- 
est, was to be issued for the profit dividend, and this scrip to be trans- 
ferable in the market. By this plan the public was offered all the ad- 
vantages without any of the uncertainty or responsibility of a strictly 
mutual society. The customer had the absolute pledge of a half mil- 
lion capital for his indemnity, without any liability whatever, and yet 
he was secured a return of 15 cents out of every dollar of profit made 
on the employment of that large capital. Still, for the first year or two, 
the officers of the Company found it really difficult to push this most 
advantageous principle amongst the principal agencies ; but they per- 
severed until they overcame all prejudices and achieved a complete 
success. 

The following dividends have been declared to customers on this 
participation plan, viz. : 



1st Divi 

2d 

3d ' 

4th 
5th 
6th 



sion to customers 1857, 

1858, 

..1859, 

1860, 

1861, 

1862, 



33 1-3 per cent. 

50 

50 " 

45 

35 

40 



The general progress of the Company is shown by the following 
clear summary of the annual reports made to the Comptroller and 
Superintendent : 



Summary for 9 Years. 











Losses 


Divds. Paid in- 




ap. 


Assets. 


Income. 


Paid. 


clud'gint. onscp 


1853 


500.000 


575.572 94 


132,145 80 


6,785 17 


25,000 


1854 


<• 


595,547 07 


160,164 02 


70,544 76 


50.000 


1855 


" 


635,249 68 


179,257 03 


60,010 49 


50,000 


1856 


" 


628,859 85 


203,777 45 


54,447 38 


118.295 


1857 


." 


706,877 25 


225.858 94 


63,050 54 


50,000 


1858 


" 


835,227 59 


271,502 83 


43,020 94 


55.270 74 


1859 


" 


946,572 73 


321,052 38 


79.659 99 


67,180 68 


1860 


a 


1,024,752 28 


359.357 57 


132,044 05 


75.169 10 


1861 




1,071,518 26 


342,267 95 


132,826 00 


79.307 04 




Total, 


$2,195,584.97 


$642,389 32 





From this table the following results are derived : 
Total Receipts or the Company in 9 years to 31st 

Dec, 1861 $2,195,5H4 97 

Total amount Losses paid 642,389 32 

Total amount of Dividends paid to Stockholders 555,368 42 

Total Dividends for profits 385,000 



lxi 

In 1861 the Company erected a superb office building, 5 stories 
high, at 102 Broadway, with a second front on Pine street. The 
building is faced with Nova Scotia stone and is of an Italian composite 
style. It is one of the most elegant structures on Broadway and 
affords office accomodation to several companies and professional men. 
We give an illustration of the building facing advertisement The in- 
vestment has proved very profitable, even in a strictly financial sense- 
and the prominent position thus permanently taken by the Continental 
must prove a high satisfaction as well to the original promoters of the 
Company as to the trustees and officers and their numerous friends. 
The complete success of the Company is conclusive evidence of the 
fidelity, enterprise, talent and skill of the officers employed in the un- 
dertaking. We may best close this cursory view of the Continental 
by appending the last official dividend statement made July 10th, 1862. 

DIVIDEND NOTICE. 

OFFICE OF THE CONTINENTAL INSURANCE CO., 
No. 102 Broadway. 

Cash Capita] $500,000 00 

Assets July 1, 1862 1,116,614 75 

Liabilities 22,651 40 



The Directors of this Company have this day declared a Dividend of Forty per 
cent, to its customers, upon the premiums earned during the year ending 1st in- 
stant on all polices entitling the holders to participate in the profits of the Com- 
pany's business, and Scrip will he issued on the 10th September to Policy-holders 
for the amounts to which they are respectively entitled, and upon the same day 
SIX PER CENT. INTEREST will be payable on the outstanding Scrip issued by 
the Company. 

A Semi-Annual Cash DIVIDEND of SIX PER CENT, will be paid to the Stock- 
holders, or their legal representatives, on and after MONDAY, 14th instant. 

New York, July 10th, 1862. 

This Company continues the business of INSURANCE on favorable terms. 

GEO. T. HOPE, President, 

H. H. LAMPORT, Secretary. 

CYRUS PECK, Assistant Secretary. 



lxii 



LIFE INSURANCE PROGRESS IN JERSEY. 

NEW BUILDING FOR HEAD OFFICES OF MUTUAL 
BENEFIT LIFE IN NEWARK. 



From the Wall Street Underwriter, October, 1861. 

On the 30th of January, 1845, a charter was obtained from the 
Legislature of New Jersey, for the incorporation of the Mutual Bene- 
fit Life Insurance Company in the City of Newark. That charter, of 
course, did no more than to give a legal sanction to the acts of certain 
individuals, who then proposed to estab ish a life insurance company 
in that State — no capital was subscribed. Everything depended upon 
the action of the promoters ; upon their co-operation and their influ- 
ence in inducing others of their fellow citizens to co-operate with them 
in their undertaking. It is easy now 1o imagine what an inchoate 
thing the Mutual Benefit Life was on th<s 31st of January, 1845, the 
first day of its legal existence, or on whatever other day the charter 
received the Governor's signature. In fact it was no more than an 
idea — the idea of the promoters. But with resolute wills ideas soon 
take material shape, and fill up spaces in the world of realities. 

Sixteen years ago it was a huge undertaking to build up a life in- 
surance compauy in Newark, or even in New York. Very few of our 
citizens were then familiar with the scheme or scope of the business. 
In all the country there were not probably at that time five thousand 
lives insured ; and most of those insured were in the agencies of Eng- 
lish offices. The " New York Mutual " was tben just two years old. 
It had commenced on the 1st of February, 1843, under Morris Robin- 
son, first president ; and in the first year issued 470 policies, ob- 
taining an income of $38,784 ; and in the second year, 616 policies, 
reaching an income of $85,937. That much merely had been effect- 
ed in this neighborhood in the way of local life insurance, when the 
" Mutual Benefit " took its start. The citizens of Newark who moved 
in the matter, were very efficiently aided by Mr. Joseph L. Lord, 
who took the agency in New York. Mr. Lord had been previously in 
a prominent commercial position here, and had a large local influence 
which he brought to bear vigorously in furthering the establishment of 



Ixiii 

the Mutual Benefit. We believe Mr. Lord could lay claim to be re- 
garded as one of the most successful pioneers of life insurance in this 
vicinity, although he does not say much about it in these latter days. 

Business was commenced by this company on the 1st of May, 1845, 
and in that month 58 policies were issued, on a premium amounting 
to $7,081 67. By the close of the year 1,701 policies were issued, on 
which the premium amounted to $154,269.55. This was a fine outset 
for the first year, exceeding the whole two first year's business of our 
New York Mutual by. 615 policies and $29,582 premium. Two losses 
occurred, even in the first year for $7,000 ; and thus at the very out. 
set the benefits of the system were practically demonstrated to the 
members. 

Having early complied with the laws of this State and when re- 
quired, made the investment of $100,000, here the Mutual Benefit has 
been always regarded pretty much in the light of a local company in 
New York. Of course, we must not offend the State Right pride of 
New Jersey, by forgetting that Newark is about 10 miles from the 
city of New York, and actually half an hour's distance by rail from 
Wall Street. Newark is, as all our readers know, or ought to know, 
quite a handsome city, containing a population of about 120,000 ; and 
being the seat of a large and wealthy manufacturing interest. It is 
said that a branch of every manufacture in the Union has a represen- 
tative in Newark. The main streets of the city are of a noble width, 
and some of the public buildings very elegant. The post office, for 
instance, is highly creditable as compared to the old crumbling ecclesi. 
astical edifice in this city. With such a base of operations, and levy- 
ing large contributions from New York, with agencies spread all over 
the Uniou, it is not surprising that the Mutual Benefit Life has grown 
up into an institution of great power, and waxed exceeding wealthy 
within two decades. 

The office that issued 58 policies in May, 1845, and was worth 
$7,081 67 at the close of that month, has now nearly four million dol- 
lars of assets, and an income of nearly one million dollars. With 
this accession of means and influence, it naturally became a desire 
with the Directors to emulate the action of other Life Companies in 
other places, and set up their company in a homestead of its own in 
its native city, that would be at once a credit to the institution and 
the place. This they have accomplished. Among the public build- 
ings of Newark none is of higher rank now, than the new building for 
the head office of the Mutual Benefit Life. The building is located 
on Broad Street, on the north-east corner of Clinton, presenting a 
front of 45 feet by a depth of 100 on Clinton, and an elevation of 3 
lofty stories abo'. e a high basemeut. The design is of a castellated 



Jxiv 

Norman, the front of a fine, light colored free stone, and the walls 
lined throughout with Caen stone. The whole tone of the building 
is one of solid refined strength, the massiveness of the structure be- 
ing skilfully lightened by the exquisite gracefulness of the finish. All 
the first floor is devoted to the offices of the Company, comprising a 
spacious public office, furnished in black walnut, carved and fitted well 
in keeping with the character of the building, and the floor most 
tastefully laid, in imitation Mosaic ; there is a Board room, medical 
examiner's and President's private office on the same floor with the 
fire proof safe, and every convenience that can be required The up- 
per floors are rented out to lawyers and masonic lodges ; and even in 
a financial point of vew, the investment will be a profitable one to the 
company. 

The site of the building cost the company about $20,000, and was 
well purchased. It was for many years the private residence of Eph- 
raim Bolles, an old and wealthy citizen of Newark. On the 18th of 
October instant, (I860), the business of the company was transferred 
from the old office, at 15 ? Market Street, to the new building, where 
we trust the affairs of the company will prosper and flourish as such a 
permanent and valuable institution of the country well deserves. 

To us, it is especially gratifying to see Life Insurance Companies 
striking such deep root in the country, and taking on them all the forms 
of stability and permanent endurance. There is an eloquent sermon in 
the stones of such public buildings. They speak to us of prudence, 
wealth, security, civilization, and they will, we firmly hope, be the 
heritage of a great free people. la all our leading cities Life Insu- 
rance has taken this persuasive form of argument. In Philadelphia 
the " Pennsylvania Mutual Life " has purchased an elegant building 
for its office on Chestnut Street. In Boston the " New England 
Mutual " erected a splendid structure a few years ago upon State 
Street, and in New York, the " New York Life V secured a superb 
position in the purchase of Bowen & McNamee's marble building on 
Broadway about four years ago. 

Our other local offices for the present, rent the best positions they 
can obtain in prominent banks and other public buildings, but we 
hope to see the time when all our Life Companies will sit down under 
their own porticos to prepare for posterity. Insurance in its various 
branches has done a great deal to improve the street architecture of all 
our cities, but we do not know of any building in this line anywhere, 
exceeding in beauty and style, that of the Mutual Benefit in Newark. 



a 



OJ5* 3XT^! , V«7 - TORE. 

OFFICE, No. 94 BEOADWAY. 



This Company, in addition to its Cash Accumulations, amounting to upwards of 

Eight Millions of Dollars, 

also presents in every other feature a guarantee of security and stability, af- 
fording superior inducements to persons to insure their lives. It has already 
paid nearly 

Four Millions of Dollars 

to the heirs and representatives of the insured, over 

300,000 Dollars 

of which were profits or dividends. 

The following descriptions of Policies are issued by this Company, the pre- 
miums on which are payable yearly, half yearly or quarterly, at the option of 
the party assured : 

1st. — Life Policies. — These are issued for the whole term of life, payable, to- 
gether with the declared profits, upon the death of the party assured, to the per- 
son entitled to receive the same. 

2d.— Life Policies, with payments of Premiums to cease at given ages. — These are 
also payable, with the profits, at the death of the assured, but the entire pre- 
miums necessary are paid before reaching the stipulated age. 

3d. — Endowment Assurance Policies. — These are issued to persons desirous of 
making a provision for advanced life, or any other purpose, and are payable to 
the assured party on attaining a certain age, say 50, 55, 60 or 65, or, in case of 
his death before arriving at that age, to his heirs or assigns. 

4th. — Endowment Policies for Children. — These are payable when a child at- 
tains the age of 18, 21 or 25 years, or upwards, either with or without the return 
of the total premium paid, in case the party assured does not attain the specified 
age. 

5th.— Survivorship Annuity Policies. — Rates of premium are now given by 
which an insurer may secure to a surviving nominee, whether wife, parent, child 
or friend, the enjoyment of a certain, definite and permtnent income, free alike from 
the dangers and expenses of investing money, and from dependence upon per- 
sons who may, perhaps, prove injudicious or adversely interested. The prompt 
and punctual payment, in annual, semi-annual or quarterly instalments, of an 
annuity sufficient to support the surviving nominee in comfort and independence 
is guaranteed, and being secured upon the promises, good faith and large re- 
sources of this institution, this provision is placed, humanly speaking, beyond any 
adverse contingency. 

Dividends on all policies issued by this Company may be applied, either in 
augmentation of the amount insured, or in reduction of the annual premiums, in 
conformity to the recent Act of the Legislature. 

Annuities are granted by the Company on favorable terms. 

0&* Note. — The next dividend of the Company will be February 1st, 1863, 
for the five years ending on that day. 

The business of this Compauy is conducted on the MUTUAL principle, in the 
strictest sense of the term ; the entire surplus, DEDUCTING NECESSARY EX- 
PENSES ALONTE, being equitably divided among the Assured. 

Parties intending to insure are respectfully requested to obtain this Company's 
Publications, which afford a variety of information beyond the limits of an ad- 
vertisement. They can be had (gratis) at the principal office, No. 94 Broadway, 
or from any of the Compan\'s recognised agents. 

FREDERICK S. WIIVSTOJXT, President. 

Secretary— Isaac Abbatt. Actuary — Shepparb Homans. 

Medical Examiner — Minturn Post, M.D, 




NEW YORK LIFE INSURANCE CO.'S BUILDING, 
Nos. 112 & 114 Broadway, New York* 



NON-FORFEITABLE LIFE ASSURANCE 

THE NEW YORK 

LIFE INSURANCE CO., 

Nos. 112 and 114 BROADWAY, N. Y. 

Incorporated 1843. 

PUR.EL' Y^M IJTUAL. 

Acumulated Assets, Jan. 1, 1862 $2,146,761 03 

Income from Premiums and interest on investments 

in 1861 612,549 80 

Amount of Claims paid on deaths in 1861 169,369 39 

Redemption of Dividends, &c 199,098 51 

Amount of Policies paid to members' families and 

creditors, since organized, upwards of 

ONE MILLION DOLLARS! 

This is a Purely Mutual Company. 

All the profits are divided amongst the members annually. 

Husbands can insure their lives for the exclusive benefit of 
their wives and children. 

Premiums received quarterly, half-yearly, or yearly, at the 
option of the insured. 

NON-FORFEITABLE POLICIES. 

Upon a ten year Premium Table ORIGINATED BY THIS COMPANY, 
Policies are issued, which are NOJV-FORFEITABLE,securing a fixed 
amount, payable at death, wholly independent of the payment of 
future Premium. 

:o: 

XftORRXS FRANKXiXCT, President, 

ISAAC C. KZHKDAIiXi, Vice-President, 
FLXOTT FREEMAN, Actuary. 

WXX.X.XAM XX. BEERS, Cashier. 

C. R. BOGERT, M.D., GEORGE WILKES, M.D., Medical Exam's. 

E . W. TROTTER, General Agent. 

:o: 

MORRIS FRANKLIN, President of the New York Life Insurance Company. 

JOHN M. NIXON, Doremus & Nixon, Dry Goods, No. 22 Park Place. 

JOHN S. BUSSING, E. & J. Bussing & Co., Manufacturers of Nails and Iron, No. 22 Cliff St. 

DAVID DOWS, David Dows & Co., Flour Merchants, No. 20 South Street. 

ISAAC C. KENDALL, Union Buildings, corner of William & Pine Streets. 

DANIEL S. MILLER, Late Dater, Miller & Co., Grocers. 

JOHN E WILLIAMS, President of the Metropolitan Bank. 

WILLIAM C DUSENBERY, Real Estate Broker. 

GEORGE GREER, Stewart, Greer & Co., Sugar Refiners, corner Pearl and Wall Streets. 

JOHN L. ROGERS, Late Wyeth, Rogers & Co., Importers, No 22 Broad Street. 

JOHN MAIRS, Merchant, No. 20 South Street. 

WILLIAM PATRICK, Smith & Patrick, Commission Merchants, No. 60 Wall Street. 

LORING ANDREWS, Loring, Andrews & Co., Leather Dealers, No. 72 Gold Street. 

RUSSELL DART, R. & N. Dart, Dry Goods, No. 28 Warren Street. 

WM. H. APPLETON, Publisher, Nos. 346 and 348 Broadway. 

WILLIAM BARTON, Grant & Barton. Bankers, No. 62 Wall Street. 

ROBERT B. COLLINS, Collins & Brother, Stationers, No. 82 Warren Street. 

HENRY K. BOGERT, Bogert & Kneeland, Broad Street. 

PLINY FREEMAN, Actuary, New York Life Insurance Company 




The following Table exhibits the steady progress of the Man 
hattan Life Insurance Company, from its organization to 
January 1st, 1862, a period of eleven years : 

ABSTRACT FROM REPORTS OF THE 

MANHATTAN LIFE INSURANCE CO. 

ELEVEN YEARS. 



Year. 


No. of 
Polio's 
Ins'rd. 


Amount 
Insured. 


Premium. 


Losses 
Paid. 


Assets. 


1850 












1851 
1852 
1853 
1854 
1855 
1856 
1857 
1858 
1859 
1S60 
1861 


953 
964 
626 
611 

454 

682 
750 
844 
1,025 
949 
812 


1,900,345 
1,863,235 
1,392,500 
1,852,650 
1,302,047 
1,942,800 
2,345,000 
2,555,069 
3,149,925 
3,047,900 
2,953,150 


71,515.17 
97,922.48 
98,149.48 
148,332.38 
194,030.80 
229,531.83 
317,105.88 
324,81176 
351,701.78 
472,368.62 
493,549.03 


4,000.00 
13,900.00 
48,700.00 
40,394.00 
72,618.00 
40,351.00 
57,863.00 
88,677.00 
87,131.00 
99,420.81 
131,407.32 


140,773.97 
196,863.51 
246,532.13 
319,721.93 
380,566.67 
498,534.96 
606,509.27 
708,684,76 
871,008.07 
1,039,820.96 
1,174,800.40 



Accumulation, $1,200,000. 



Total Losses Paid, $665,000. Dividends made, 
ever $350,000. 



MANHATTAN 

lit §mntmtt $0mjmng t 

No. 31 NASSAU STERET, 

Opposite the Post Office, NEW YORK. 

CASH CAPITAL AND ACCUMULATION OVER 

$1,200,000, 

CLAIMS PAID $650,000 

DIVIDENDS TO POLICY HOLDERS 340,000 



This Company being conducted by a Board of Directors owning 
Stock in the Company, has the advantage of the stock plan of 
management, with the mutual feature of sharing the profits of the 
business without being liable to assessments. The triennial 
dividend of profits of this Company has resulted in a bonus or 
addition to the policy of more than FIFTY PER CENT, on the 
whole premium paid. 

The dividends are paid in the lifetime of the assured, thus aiding 
them to pay future premiums. 

Premiums may be paid annually, semi-annually, or quarterly, 
when the policy is for life, and the annual premium amounts to $40 
or over. From 40 to 50 per cent, may be paid by notes. 

Persons insured may visit Europe in first class vessels, without 
extra charge, at all seasons of the year. 

HENRY ST0KE3,!Tresident. 

C. Y WEMPLE, Secretary. 

J. L. HALSEY, Assistant Secretary. 

S. N. STEBBINS, Actuary. 

Prospectuses and all necessary information may be obtained at the office, or at 
any of the agencies in the principal cities and towns. 



NEW ENGLAND 




BOSTON AND NEW YORK. 
Metropolitan Bank Building, KTo. 110 Broadway. 



Cash A ssets, $2 ,350,000 

"B. F. STEVENS, Sec. 



WILLARD PHILLIPS, Pres. 

DIRECTORS. 
CHAS. P. CURTIS, M. P. WILDER. 



THOS. A. DEXTER, 
GEO. H. FOLGER, 



SEWELL TAPPAN, 
F. C. LOWELL, 
HOMER BARTLETT. 



CHAS. HUBBARD 
W. B. REYNOLDS 
JAMES S. AMORY, 



This, the oldest purely Mutual Life Insurance Company in the United States, 
has been uniformly successful, always making large and regular returns in cash 
to all policy holders. Last cash dividend, 39 per cent. 

It is strictly an institution for mutual protection, entirely beneficent in all its 
workings and tendencies. 

The Insurance Commissioners state its surplus ($85,000) over liabilities as 
proportionately Gkeater, while its expenses are proportionately Less, than any 
other company. 

Economy, caution in its risks, and prudent investments characterize this Com- 
pany. Being purely mutual, it insures at the lowest possible rates, and if the 
premiums paid exceed the actual cost, the surplus is returned, 

Every fifth year, when the dividends are declared, the business is, as it were, 
closed, so that its real condition and solvency are made manifest, and the sur- 
plus funds are then divided pro rata among all the insured, thus guarding against 
any possible loss from mismanagement, and proving a guaranty for the future. 

Documents showing the benefits of Life Insurance, with the advantages of the 
Mutual plan, and the superior position and marked success of this Company, and 
explaining the different kinds of policies with their methods of payment, may be 
obtained, free of expense, upon application, either personally or by mail, to 

JOHN HOPPER, 

Agent and Attorney for the Company, 
110 BROADWAY, N. Y. 

Parties at a distance may insure from blanks which are forwarded free of expense- 



FIRE AND MARINE 




^HARTFORD^ 

rCASH CAPITAL, $200.000q 

^OWitli a large Surplus. (2^ 
1 GMD.JEWETT.Scey. tfMWATEEMMJrcst. 



CITIZEN S' FIRE INSURANCE CO MPANY. 

Capital, $150,00 0. | Assets, $332,613. 

J8@- Offices, 67 Wall Street. ■=©& 

Directors — James M. McLean, Daniel Burtnett, Robert Barkley John S. Harris, 

Alonzo A. Alvord, Jas C. Baldwin, William J. Valentine, Augustus Schell, 

Jacob Miller, James M. Waterbury, Henry Stokes, D. Henry Haight, 

Edward Schell. 

JAMES M. McLEAN, President. 

EDWAED A. WALTON, Secretary. DANIEL BUKTNETT, Vice President. 

ATLANTIC FIRE INSURANCE E© s 

OF iEEZE^OOIBLlLfSriSr. 
Offices — 14 Wall Street New York, and 172 Atlantic Street, Brooklyn. 



Cash Capital, $150,000. Assets, March 1st, 1882, $251,653. 

Chartered, February 20, 1851. 
HORATIO DORR, Secretary. JOHV D. COCKS, President. 



Y 



Offices, SO "Wall Street, IKT. "Y". 

Organized in 1853, continues with unimpaired Capital and a handsome Surplus, 
to transact the business of Fire Insurance, as heretofore, on the most 
advantageous terms. 

DAN'L D. GASSNER, Sec'y. R. 0. GLOVER, President. 

Office, SO "\W«,11 SStl^oot- 



Cash Capital, $300,000. | Surplus, January 1. 1862, $41,205 30 

Total Assets, $341,205 30. 



^ INSURANCE AGAINST LOSS OR DAMAGE BY FIRE. ~@^ 
ISAAC P. ST. JOHN, Secretary EDWARD ANTHONY, President* 



INSURANCE COMPANY 

OF NEW YORK, 

Office, Nos. 112 and 114 BROADWAY. 



Cash Capital, $1,000,000 00 

Assets, 1st January, 1862, - - - 1,585,679 16 
Liabilities, 57,826 32 



ASSETS. 

Cash, Balance in Bank $14?,439 66 

Bonds and Mortgages, being first lien on Real Estate,. . 818,694 53 
Loans on Stocks, payable on demand, (market value of 

securities, $172,030 00,) 116,769 31 

United States Stocks, (market value,) 155,750 00 

State and Municipal Stocks and Bonds, (market value,) 70,206 00 

Bank Stock, (market value,) 78,600 00 

Real Estate 60,207 55 

Interest due on first July, 1862, (of which, $24,162 84 

has since bpen received) 27,550 87 

Balance in hands of Agents and in course of transmis- 
sion from Agents, on 1st July, (of which $14,849 73 

has since been received) 59.024 74 

Bills Receivable, (for Premiums on Inland Risks,) 44,012 07 

Other Property, Miscellaneous Items, 10,097 54 

Premiums due and uncollected on Policies issued at office 1,326 89 

Total, \ .$1,585 679 16 



LIABILITIES. 

Claims for losses outstanding on first July, 1862 $57,456 32 

Due Stockholders on account furmer dividends, 370 00 

CHAS. J. MARTIN, President, 
A. P. WILLMARTH, Vice-President. 
JOHN McGEE, Secretary. 



Mmk INSURANCE CO., 

HARTFORD, CONN. 
Incorporated 1819. Charter Perpetual. 

Paid up Capital, $1,500,000 00 

Assets, Oxxly X, 18G2. Marketvalue . 

Bank Stocks $952,404 00 

United States and State Stocks 745,863 16 

City Stocks 225,020 00 

Railroad Stocks 107,412 00 

Mortgage Bonds 168,200 00 

Real Estate 87,963 18 

Cash 201 ,215 85 

$2,488,138 19 

Xji^vToilities. 

Claims, unadjusted and not due $177,852 16 

JAMES A. ALEXANDER, N. Y. Agent, 62 Wall St. 

DIRECTORS: 
J. CHURCH, R. BUELL, E. FLOWER, E. A. BULKELEY, R. MATHER, 

E. G. RIPLEY, S. S. WARD. A. DUNHAM, G. F. DAVIS, D. HILLYER, 

W. KENEY, C. H, BRATNARD, W. F. TUTTLE, T. A. ALEXANDER, GEO. ROBERTS 

T. K. BRACE, H. Z. PRATT. 

E. G. RIPLEY, Pres. T. A. ALEXANDER, Vice-Pros. 

L. J. HENDEE Sec'y. A. A. WILLIAMS, Adjuster. 

WESTERN BRANCH OFFICE, 171 Vine Strceef, Cincinnati, O. 

J. B. BENNETT, Manager and General Agent. 

Capt. E. P. DORR, Buffalo, N. Y., General Superintendent of Inland Nav'n Department. 

jGGjT Rates as low as perfect solvency and fair profit will allow. ■ c \£& 

friM WtmrnttM mA g ntislt patioti 
LIFE INSURANCE COMPANY, 

LONDON & NEW YORK. Office No. 65 WALL ST. 



Capital $3,000,000 

Claims Paid over 5,000,000 

Deposited with Insurance Sup't of New York 100,000 

Established 1820. 

o 

BOARD OF REFEREES IN NEW YORK. 

Hon. JUDGE CAMPBELL, J. PHILLIPS PHCENIX, Esq. 

HENRY GPJNNELL, Esq. JAMES GALLATIN, Esq. 

JOHN CRYDER, Esq. ANTHONY BARCLAY, Esq. ex.-Cotisul 

SAMUEL WETMORE, Esq. Hon. ERASTUS CORNING. 

o 

No extra charge for crossing the Atlantic. 
• Endowments for Children ; and Life Assurance in all its 
branches. 

California and Australia risks taken at moderate rates. 



GEORGE M. KNEVITT, Manager 



CONTINENTAL 

INSURANCE COMPANY. 




No. 102 BROADWAY, NEW YOJRK. 



GEORGE W. HOPE, President. 
H. H. IA1HSOST, Secretary. CYRUS FECK, Ass't Sec. 



Participation Fire Insurance.— Security & Economy. 



1NS15UM C^E COMPANY, 
No. 102 Broadway, New York. 

Total Assets, July 1, 1862, .... $1,116,674 75 

Amount of three-fourths of profits already declared- to Policy holders $385,000 00 
PROGRAMME OF DIVISION. 

1st division to customers 1857, 33£ pr. ct. 4th Div. to customers 1860, 45 pr. ct- 
2d " " 1858, 50 " 5th " M 1861, 35 " 

3d " " 1859, 50 " 6th " " 1862, 40 f 

Three-Fourths of the net profits of the business of this Company divided annually 
to holders of its Policies, in Scrip bearing interest, which Scrip will be redeemed 
when these profits reach the sum of $500,000. 

Thomas Tileston, President of Pbcenix Bank. 

Joseph Battell, Egleston, Battell & Co. 

George W. Lane, Geo. W. Lane & Co. 

Wm. T. Coleman, W. T. Coleman & Co. 

Thomas Smdll Thomas Smull & Sons, 

Samuel D. Babcock, , Babcock. Bro's & Co. 

Geo. Griswold, Jr., N. L. & G. Griswold. 

Sheppard Gandy, Robert & Williams. 

George Mosle, E. Pavenstedt & Co, 

Henry C. Bowen, Bowen, Holmes & Co. 

Robt. H. McCurdy, Late of McCurdy, Aldrich & Spencer 

Wm. H. Swan, Grinnell, Minturn & Co. 

Chas. H. Booth, Booth & Tuttle. 

A. Studwell, A. Studwell & Co, 

D. H. Arnold, .Pres't Mercantile Bank. 

James A. Edgar, Booth & Edgar. 

Chas. M. Connolly, CM. Connolly & Co. 

L. H. Brigham, Brigham & Parsons. 

Wellington Clapp, Clapp & Kent. 

Horace B. Claflin, Claflin, Mellen & Co. 

J. H. Ransom, • Late of J. H. Ransom & Co, 

AVm. M. Richards, Richards, Haight & Co. 

William M. Vail, ' 

A. A. Low, A. A. Low & Brothers. 

John H. Earle, Smallwood, Earle & Co. 

John Caswell, John Caswell & Co. 

Daniel W. Teller, Galwey, Cassado & Teller, 

Henry Eyre, 

Charles Lamson, C. H. Marshall & Co. 

George S. Stephenson, G. S. Stephenson & Co. 

Aurelius B. Hull, B. A. Fahnestock, Hull & Co. 

Bradish Johnson, Johnson & Lazarus. 

Robert H. Hawthorn, Adams & Hawthorn, 

John D. Mairs, David Dows & Co. 

William V. Brady, 

L. Turnure, Moses Taylor & Co. 

S. B. Chittenden, S. B. Chittenden & Co. 

Thomas Fraser, .Thomas Fraser & Brother, 

L. Edgerton, L. Edgerton, Rogers & Hatch, 

James Freeland Freeland. Squires & Co. 

Edmund M. Young, Young, Schultz & Co. 

John Paine, 

Samuel A. Sawyer, Sawyer, Wallace & Co. 

Hiram Barney, Barney, Butler & Parsons. 

GEORGE T. HOPE, H. H. LAMPORT, CYRTJS PECK, 

President. Secretary. Ass't Sec 



LORILLARD 

FIRE INSURANCE COMPANY, 




104 Broadway, New York. 



CARLISLE NORWOOD, President. 
WASHINGTON SMITH, Vice-President. 
JOHN C. MILLS, Secretary. 



SEOTEITY MM® EGOBKMfiY. 

Cash Capital $500,000. 

75 PER CENT. TO THE INSURED. 

LORILLARD FIRE INS. CO., 

104 Broadway, New Yorlr. 

The Insured participate in the profits without any liability whatever. 

This Company having increased their capital to Half a Million of Dollars, will here- 
after allow to dealers a participation in the net profits to the extent of Seventy-Five per ct., 
or when preferred a liberal discount will be made from the standard rates. 

CARLISLE NORWOOD, President. 

WASHINGTON SMITH, Vice Prcs. 

John C. Mills, Secretary. 

NEPTUNE MARINE INSURANCE COMPANY, 

Office, 26 Pine Street, JYew Ifork. 

Cash Capital paid in $240,700 I Assets, Jan. 25, 1862 $454,734 
Policies issued on vessels, freights and cargoes, for Marine and Inland Naviga- 
tion and Transportation Risks. 

J. P. TAPPAN, President. 
W. C. THOMPSON, Vice Pres 

Cius. F. WREAKS, Secretary. 

OP THE CITY OF NEW YORK. 

]Vo 40 PIKE STREET, NEW YORK. 

ASSETS, Jantjakt 25, 1862. 

United States Government Stock - $25,000 00 

Loans on Bond and Mortgages, Public Stocks and Eeal Estate 37,111 54 

Cash on hand and in Bank 34,690 73 

Bills Beceivable 106,124 20 

Salvage and Re-Insurance Claims 17,632 78 

Interest on Investments, Uncollected Accounts and Premiums due 30,724 34 

Total Amount : $251,283 59 

G. HENRY KOOP, President. 
A. L. McCarthy, Secretary. A. W, WHIPPLE, Vice President. 

7p^~ Marine and Inland Transportation Risks on Vessels, Freight and Cargo 
written by the Company on equitable terras. 

HUDSON COUNTY MUTUAL INSURANCE GO. 

Will send to any address, a Pamphlet, illustrating, among other things, the 
system by which it has insured property for less than ONE THIRD THE USUAL 
COST, on the average, for nearly WTineteen Years, during which time it has 
been located in JERSEY CITY. 

Capital in Premium Notes, over $650,000 

Cash Surplus, over 25,000 

ERASTUS RANDALL, President.. 
JAMES GOPSILL, Secretary. 

OFFICE, 

JYo. 1 Exchange Place, Jersey City, JYew Jersey. 




* v JOCfm£A'C0Y. 



LIVE MSMMNCB C» 

OF NEWARK, NEW JERSEY. 

CHARTERED, 1845. 

Offices.— No. 261 Broad Street, Newark, 
No. 11 Wall Street, New York. 



Assets, 



$4,109,353 45 



DIRECTORS. 



ROBERT L. PATTERSON, 
CHARLES S. MACKNET. 
LEWIS C. GROVER, 
JOSIAH 0. LOW, 
HENRY McFARLAN, 
ISAAC H. FROTHINGHAM, 



EDWARD A. STRONG, 
JOHN R, WEEKS, 
ANDREW S. SNELLING, 
RANDALL H. GREENE, 
JOS. A. HALSEY, 
NEHEMIAH PERRY. 



OFFICERS. 

ROBERT L. PATTERSON, Pres. 
BENJ. C. MILLER, Secretary. LEWIS C. GROVER, Vice-Pres. 

JOS. P. BRADLEY, Mathematician. 
JAMES STEWART, M.D., Medical Adviser, New York. 
JOSEPH B. JACKSON. M.D., Medical Adviser, Newark. 

JOS. L. & J. F. LORD, Agents, No. 11 Wall St. 



THE MUTUAL BENEFIT 

LIFE INSURANCE COMPANY, 

CHARTERED, 1845. 

Offices, No. 261 BROAD ST., NEWARK, 
No. 11 WALL ST., NEW YORK. 



Net Accumulation, Jan. 1, 1862, . . $4,109,353 45 
Total Dividends, paid to " " ... 1,688,953 43 
Total Claims by death " " ... 2,665,589 50 

Reasons why preference should be given to this Company : 

1. It is purely mutual, therefore the insured gets all the profits. 2. It offers 
as security a large accumulated fund. 3. It is economical in the management 
of its business. 4. It accommodates the assured in the settlement of premiums. 
5. It is prompt in the payment of losses. 6. Its dividends are declared annually. 
7. It pays the dividends, to aid the insured in settling future premiums. 

FINANCIAL STATEMENT FOR YEAR ENDING, JAN. 1, 1862. 

Balance per Statement, Jan. 1, 1861 $3,812,558 50 

Received for premiums during the year 1861 $726,399 46 

do Interest do do 224,238 74 

Total Receipts for 1861 $950,638 20 

Taid Claims by Death $243,685 95 

Paid Policies surrendered 117,973 14 

Paid Salaries, Postage, Exchange, Taxes, 

etc 33,198 15 

Paid Commission to Agents 49,636 84 

Paid Physicians' fees 3,735 55 

Paid Annuities 1,517 00 

Paid dividends during year 204,096 26 $653,843 25 $296,794 95 

Net Balance, Jan 1st, 1862 $4,109,353 45 

ASSETS. 

Cash on hand $95,967 29 

Bonds and Mortgages on Real Estate worth twice the 

amount loaned 2,582,461 18 

Premium Notes on policies in force only, drawing 6 per 

cent, interest 1,294,054 28 

Real Estate 76,866 43 

Loans on Scrip 4,921 85 

Premiums, Notes and Cash with agents 55.082 42$4,109,3 53 45 

7,026 Policies in force, insuring $23,481,653 00 

894 new policies have been issued during the year. 

The Directors declared a dividend of 45 per cent., and an additional special 
dividend of 5 per cent., payable in conformity with the present rule of the com- 
pany, and ordered the payment of the dividend of 1860, during the year 1862 

Prospectuses, Statements and Applications will be furnished without charge 
at the office. All information desired will be given by the undersigned agents. 

Dr. James Stuart, the Medical Examiner in New York, attends at the office 
daily, from half-past one to half-past two o'clock, P. M. 

JOSEPH L. & J. P. LORD, Agents, 

No. 11 Wall St., N. Y. 




/9&JJ797S - r. 



CHARTERED 1824. CAPITAL $200,000 

PRINCIPAL OFFICE, 

No. 70 BROADWAY, 

The Insured Receive 75 per cent, of Net Profits 
without any Liability. 

JACOB BROUWER, President. 
LIVINGSTON SA.TTERLEE, Secretary. 




BREVOORT FIRE INSURANCE COMPANY, 

OFFICE, 70 WALL STREET, 

Cash Capital, ■>----■ $1S0,000 

Insures Stores, Dwellings, Merchandise, Vessels in Port, Household Furniture, 
and other personal property, against loss or damage by Fire, on favorable terms. 

RICHARD OAKLEY, President. 
JAMES C. HARRIOTT, Secretary. 
JOHN B. MILLER, Surveyor. 



(BSl 



w 



A Policy of Life Insurance is the cheapest and safest mode of making a certain provision for one's 
family. — Benjamin Franklin. 

A Policy of Life Assurance is always an evidence of prudent forethought ; no man with a dependent 
family isfreefrom reproach if not Assured. — Lord Lyndhurst. 

There is nothing in the commercial world which approaches., even remotely; to the security of a well- 
established and prudently -managed Life Insurance Company." — Professor he Morgan. 

NEW ENGLAND 

Mutual Life Ins. Co. 

BOSTON JV3VI3 NETW YORK. 



CASH ASSETS, . . . $2,350,000. 



1-3 
EH 



t>1 

H 

EH 

H 




o 

td 



CO 
GO 



Company's Building, 



DIRECTORS 



WILLARD PHILLIPS, President. 

CHARLES P. CURTIS, 
THOMAS A. DEXTER, 
MARSHALL P. WILDER, 
JAMES S. AMORY, 
SEWELL TAPPAN, 



B. F. STEVENS, Secretary. 

FRANCIS C. LOWELL, 
CHARLES HUBBARD, 
WM. B. REYNOLDS, 
GEO. H. FOLGER, 
HOMER BARTLETT. 



Documents showing 1 the benefits of Life Insurance with the advantages of the Mutual plan, 
and the superior position and marked success of this Co. , and explaining the different kinds of 
Policies with their methods of payment, may be obtained, free of expense, upon application, 
either personally or by mail, to 



JOHN HOPPER 



•Agent anil •Attorney Tor the Co., 

Metropolitan Bank Building, 110 Broadway, New York. 

PARTIES AT A DISTANCE MAY INSURE FROM BLANKS, SENT FREE OF EXPENSE. 






BENEFITS OF LIFE INSURANCE. 



The principles of Life Insurance are now so well estafc i:-hed, that they are no longer matters 
of experiment, ai ::tages are beyond dispute. 

The advantage is the securing of wife and children against vrant and 

misery after the c nd and father. Every one acknowledges the wisdom and 

prudence of providing for a family against the adversities of fortune, or the accidents of life, 
and it is the moral, social, and religious duty of everyone, not to abandon those dependent 
upon him to the cold charities of the world, and liable to the temptations and sufferings of pov- 
erty, when deprived of his protection and support. The late Lord Chancellor of England de- 
clared, that - r no man with a dependent family is free from reproach if Ms life is not insured.'' 
The man who neglects to insure his house is condemned for imprudence. How much more im- 
provident is he who refuses to insure his life ! Every house may not he burned, but every man 
must die. Bishop Hawi: leclares, that "" Life Insurance is not only a humane, but 

almost a Christian institution," for the Apostle says : •• If a man provide not for his ow 
especially for those of Ms own house, he hath denied the faith, and is worse than an infidel. '- 
- important duty of every head of a family may be easily and securely performed by 
obtaining a Policy of Life Insurance. A very small daily saving" will accomplish this purpose. 
Five cents a day." commencing at the age of twenty-one, will insure one thousand dollars at 
death, whether immediate or remote, together with all the profits which may accumulate on 
the policy; and six cents a day. at twenty-eight years of age. will accomplish the same object. 
And by the judicious laws of Massachusetts and iew York, policies issued for the benefit of 
widows and orphans are protected from the husband's creditors. 

Can it be that any father, husband, or man. is unwilling to make a little sacrifice of daily 
comforts, in most cases of what would be unnecessary expenses, to protect those most near and 
dear to him from suffering and want after Ms fle 

There are many : : : • 1 v a ntageous use Insurance, besides the security of a family 

against want. Creditors can insure the liv 2 lebtora as a security for their claims. A 

man with incumbrances upon Ms property may insure to the amount of them to secure their 
ready payment at Ms dec ease. A rang man may borrow money to complete his education, or 
may obtain credit for a stock of goods, or tools, or a farm, by insuring his life and assigning the 
policy as contingent security. A parish may relieve their clergyman from anxious care by 
raising a small sum to insure his life and provide for Ms family.- In short. Life Insurance is 
applicable to all purposes of raising money on loans, where only personal security can be 
offered ; and, generally, as affording means* of certain indemnity against any pecuniary loss, 
claim, or ineonvemence whatsoever, to wMch one individual may become subject, by reason of 
the death of another. 

The moral and social influence of Life Insurance is no slight benefit ooth to the individualand 
to the community. It develops the amiable and generous traits of character, accustoms a man 
to think for others, induces habits of industry, economy and accumulation, and by relieving the 
mind from anxiety and over-exertion, promotes health "and longevity. A systematic adoption of 
Life Insurance, by the people of any country, would do more to eradicate pauperism and crime 
than all the combined wisdom of its legislat irs; sc that a well-founded, well-conducted institu- 
tion of tMs description is a subject of public interest, as its beneficial effects are at least equal 
to those of any charitable, philanthropical public mstitution : and these effects are produced 
without any donation, sacrifice, or act of beneficence by the public or by individuals, being the 
natural and easy results of the spontaneous thrift, prudence, and forecast of individuals in "con- 
ducting their own concerns. 

SECURITY OF LIFE INSURANCE. 

Life Insurance Companies are the most stable and permanent institutions known among men. 
The experience of the commercial world can point to no such permanency, nor do any class of 
institutions compare with Life Compames for uniformity, safety, and reliability. The insured 
cannot invest their funds m a more sure and profitable manner ; for life Insurance is simply 
setting aside and investing a yearly sum. with the certainty of a safe return with accumulations ; 
whereas other investments, with a profitable and sure return, are not so easily found, and often 
end in an entire loss. 

An investment in a poi f Life Tnsur ferdble tc ". isits i Scorings 

Ban};. An Insurance Company accomplishes all that is done by a Savings Bank, and much be- 
sides, combining all the advantages of the latter with an indemMty against risks. Like the 
Savings Bank, it takes care of the depositor's money, and it virtually allows Mm interest upon 
his deposits: but it does more. What is of Mgher importance to the depositor, the Company 
engages, in consideration of a certain sum of money paid to it annually, during the life of the 
depositor, to pay a much larger sum to Ms family upon his decease. 

There are three reasons why a Life Insurance policy is a wiser investment than a deposit in a 
Savings Bank: 1. Money in a Savings Bank, being entirely at the will of depositors, is too 
easily drawn out to gratify some passing desire, and there is no strong motive to compel a regu- 
lar deposit. How many persons have commenced an account with a Savings Bank, and con- 
tinued for some time with a laudable perseverance, but at last have been tempted to withdraw, 
and never had sufficient confidence to commence again ! In Life Institutions, a man. after mature 
deliberation, hinds himself to make a deposit of a specified sum at a specified time ; knowing 
he provides for it. and we can safely say that in a majority of cases the money saved 
to deposit in a Life Institution, would not be saved at all. had they not insured. 2. Money in a 
Savings Bank is exposed to the demand of creditors. wMle an Insurance policy is not liable for 
a man's debt, being held by a special law of the State, as a fund for the benefit of his family : and 
thus, in times of pecuniary" disaster, to which every man is more cr less liable, it often becomes 
a means of support when everything else is gone— cheering with ease and competence the de- 
I dining vears of those who, without its aid, would Lave been left to all the miseries of p> v 

and old" a<re. 3. Life is uneerta is certain : and a Savings Bank makes provi- 

! sion only for life, the average length of human life is only thirty-three years. Of 500 per- 
; onlv one lives eighty vears. and of 100 only six live sixty-five years. Those who can cheat them- 



r ^= 



selves into the belief that they run no risk 0/ dying, will not, of course, insure, No one, however, 
need consult books to learn lessons of mortality. 'Tis the burthen of pulpit eloquence ; the 
lesson of the graveyard ; and the teaching of every day's experience. The uncertainty of 
life being admitted, it will follow that accumulation upon the Savings Bank principle, does not 
meet the requirements of the case. 

To illustrate ; suppose a husband and father, thirty-three years old, wishes to leave his 
family the sum of $2,000, and for that purpose deposits annually $50 in some Savings institution. 
In the course of thirty or forty years he will thus accumulate the required sum. But what guar- 
antee has he that he will live ten years, or even one year ? He has none, and, of course, no se- 
curity for provision for his family. But, if he pays $50 as an annual premium for a policy of 
Life Insurance, he will be sure of leaving $2,000 to his family whenever he dies, in six months 
or twenty years ! Thus, while all other means are fluctuating and uncertain, and riches often 
"fly away," a Life Insurance policy (if from a reliable company) is certain, and becomes a 
patrimony JUST AT THE TIME IT IS MOST NEEDED. 

The question is no longer, Shall I get my life Insured ? but rather, Where can I Insure 

IT TO THE BEST ADVANTAGE ? 

In answering this question it will be necessary to explain briefly the 

DIFFERENT KINDS OF LIFE INSURANCE COMPANIES. 

They are all based upon the same fundamental principles, but are divided into classes, ac- 
cording to the different plans of their organization and the different methods of conducting 
their business. They are either Stock, Mixed, or Mutual Companies. 

Joint Stock Companies issue at fixed rates, the profits being wholly divided among the 
proprietors, and the enormous dividends thence divided have, in some cases, raised the value 
of the stock to seven hundred per cent, upon the amount paid in. 

Mixed Companies are also Joint Stock Companies with proprietary bodies, but the assured 
are allowed to participate to a certain extent with the proprietors in the profits of the business. 

Mutual Companies are owned and managed exclusively by policy-holders, all of whomhavc 
their proportionate share in the surplus accruing from the business. 

The Mutual Company is clearly the most perfect in principle, and experience has fully tested 
and placed beyond a doubt the perfect security of the system. No Mutual Company, when once 
well established, has ever met with disaster on account of the mutual principle ; but, on the 
other hand, they have rapidly accumulated funds, reaching sometimes in amount to millions of 
dollars. In Mutual Companies, too* the assured have entire control of the funds ; there is 
" universal suffrage, " and the form of government is essentially " democratic." A Mutual Com- 
pany divides the whole surplus among the insured, after deducting only the actual cost to the 
Company of carrying on the business, which is not the case with the first class mentioned, and 
only in a degree with the Mixed companies. This plan of operation insures the applicant at the 
lowest possible premium, for all that is over the sum required to insure him safely, is returned in 
dividends, which is not the case with the Stock companies, and only partially so with the Mixed 
companies, the proprietary body in the latter having first to receive its share of the surplus be- 
fore a dividend can be declared to the insured. 

The Governor of Massachusetts has recently vetoed a bill to incorporate a Life Insurance 
Company, because, among other reasons, it was not a Mutual company. He says : "Purely 
Mutual Life Insurance Companies have been proved by experience to be the safest and best for 
the insured." 

A purely Mutual Company is, then, the one in which to insure to the greatest 

ADVANTAGE. 

SUPERIORITY OF THE NEW ENGLAND LIFE INS. CO. 

It is a purely Mutual Company, and has made three distributions of surplus funds (1848, 
1853, and 1858,) in cash, amounting to over $600,000. It now has an invested fund of $2,350,000, 
to pay losses, and a surplus of $1,050,000; so that it could reinsure for $1,250,000, and divide 
$1,050,000. 

The New England Mutual Life Insurance Company do not pay their dividends in scrip, but 
always in cash. At the close of every five years the Company, after paying the expenses of the 
business, reserving a sufficient sum to reinsure all risks, and cover all possible contingencies, 
divides the surplus proportionately among the assured. By this plan, there is no accumulating 
scrip, or possible liability to guard against, and the rates of premium are materially lessened by 
the cash dividends, the insured reaping the immediate rather than the prospective advantages of 
the mutual plan. Some Companies are compelled by their charters to credit their distributions 
on the policies in the form of a bonus, payable only when a loss takes place, thus creating an 
immense and unnecessary capital, and depriving the members, in case of non-payment of pre- 
mium, of all right to the bonus. In this Company, the distributions are a source of pecuniary 
relief in paying future premiums, and in times of great financial distress, are sensibly felt. In no 
event does the bonus (if a member choose so to apply his distribution) become forfeited. 
The cash distribution in 1858 amounted to $335,000. 

Its standing and economy are unequaled. The Insurance Commissioners of Massachusetts, 
in their last report to the Legislature, compare the standing and the economy of the eighteen 
Life Insurance Companies which issue policies in that State, comprising the principal compa- 
nies in the country ; and they place the New England Company first in standing, i. e. in its 
ratio of value to liability, and first in economy. This Company's expenses are only 8 per cent, 
of the receipts, while those of the others average more than 11 per cent. ! This is the oldest 
Mutual Company in the country, and, for that reason, must be the safest and most economical. 

Its directors are well known to community as men of integrity, sagacity, and experience in 
business ; and every year the affairs of the Company are thoroughly investigated by a body of 
Commissioners chosen by the State of Massachusetts, for that purpose ; and a full and complete 
statement of the operations of the Company, with its assets and liabilities, is made to the 
Legislatures of Massachusetts and New York, and a report is made to the assured, of the con- 1 
dition of the Company. Every five years, at the time of declaring the dividends, the business 1 

I & 



CV-?0 



is, as it were, closed, so that its actual position and solvency are made manifest at that time. 
This guards the assured against any possible loss from inefficiency on the part of the Company, 
and is a sure guarantee as regards the future. 

JK3=- The New Englaud Mutual Life Insurance Company has deposited with the Comptroller 
of the State of New York, $100,000 for the security of its policy-holders in this State. 

A company in which so shrewd a financier as the late Abbott Lawrence, and so profound a 
lawyer as the late Rcfus Choate, insured their lives to the largest possible amount, needs no 
other voucher for its economy, stability, and nerfect security. 

TERMS OF PAYMENT. 

The terms of payment of the premium in the plan adopted by the New England Life In- 
surance Company, while ignoring entirely all uncertainty arising from the credit system, are 
peculiarly advantageous to the assured. 

Premium may be paid quarterly, semi-annually, or annually ; or one-half of the amount of 
five premiums may lie over on notes for a term of years, on whole life policies, interest being 
charged at the rate of six per cent, per annum, on the deferred portions. Premiums for the 
whole life may also be settled in ten annual payments, or in a single payment. 

This is notinsuring on credit ; for the Company gets pay, from time to time, previously to 
running the risk — the interest on the note being taken into the account. The notes, or any part 
of them, will be demandable after five years from the date of the first one, on notice of ninety 
days, so that the Company may have command of their funds, should the same be necessary ; 
but it is not supposed that such notes will ever need to be paid. There can be hardly a doubt 
that the principal may remain outstanding so long as the assured wishes. 

Five annual life premiums being double the amount of the cash premium required for an 
insurance for the term of five years, it follows that the policy is adequate collateral security for 
a loan to the amount of one-half of the life premium. The Company, by this rule, never in- 
sures upon the personal credit of any member, its loans being restricted to those policies only 
which have a pecuniary value. The Company also aids those members who have paid several 
life premiums in cash, by affording them a credit in times of pecuniary distress, for subsequent 
premiums, to an amount equal to what would be paid them on surrender of the policy. 

Inthis Company a person cannot forfeit a policy untilits value is worked out in insurance. 
For example, if a person pays four life premiums in cash, this will insure him seven or eight 
years, or about three years after his four have expired, if he is unable, from any cause, to pay 
the annual premiums^ 

Insurance may be effected for one year, a term of years, or for life. 

Annexed are the tables of premiums for insurance of $1,000 for one year, for seven years, 
and for life ; also the amount in ten annual premiums, and in one payment. 

SURRENDER OF POLICIES. 

It sometimes happens that the motive for making insurance, ceases before the policy has 
expired. Instances will also occasionally occur of persons being disappointed of the means of 
paying the premium, and so being liable to forfeit their policies. In such case, the Company con- 
sents to a surrender of the policy upon fair terms, if application is made for that purpose before 
it is forfeited. 

All over and above the actual cost will be returned of the premiums paid. 

JVow is the time to effect an insurance ! As a man grows older, the rates of premium are 
higher, and his health is liable to fail. Life is uncertain, and delays are dangerous ! 

TABLE OF PREMIUMS FOR INSURANCE OF $1,000. 





Annual Paym't 


In Tel 


In a 




Annual Paym't 


In Ten 


In a 




for Life. 


Ann'lPayni'ts. 


Single Paym't. 




for Life. 


Ann'IPaym'ts. 


Single Pay't. 


1G 


S15 CO 


S3 7 34 


S3C5 80 


39 


SCO 40 


S50 50 


S483 £0 


17 


16 CO 


38 14 


312 00 


40 


31 50 


61 68 


494 10 


IS 


16 £0 


38 92 


318 30 


41 


32 CO 


63 6 3 


505 00 


19 


16 9) 


39 73 


325 40 


42 


33 90 


C4 96 


516 00 


20 


17 £0 


40 53 


330 60 


43 


35 20 


06 43 


527 10 


21 


17 SO 


41 34 


337 00 


44 


36 50 


68 11 


538 80 


22 


IS £0 


42 17 


343 50 


45 


38 CO 


C9 43 


551 10 


iZ 


18 70 


43 C3 


350 10 


46 


39 60 


71 C4 


563 40 


24 


19 30 


43 89 


£56 80 


47 


41 20 


73 42 


578 50 


25 


19 80 


44 78 


£63 80 


48 


43 10 


75 44 


5S9 80 


2G 


20 £0 


45 68 


370 80 


49 


45 00 


77 77 


603 50 


27 


20 90 


46 62 


378 00 


50 


47 00 


80 43 


017 40 


28 


21 50 


47 57 


3S5 50 


51 


49 20 


82 23 


031 50 


29 


22 10 


48 59 


393 00 


52 


51 50 


84 23 


645 50 


30 


22 70 


49 07 


400 CO 


53 


53 90 


86 50 


COO 00 


31 


23 40 


50 44 


408 50 


54 


56 50 


89 17 


674 70 


32 


24 10 


51 49 


416 70 


55 


59 40 


92 24 


689 80 


13 


24 80 


5 2 31 


425 10 


5 J 


62 40 


95 86 


705 40 


34 


25 60 


53 56 


434 CO 


57 


Co 63 


97 86 


720 50 


35 


20 50 


54 82 


443 10 


58 


C9 CO 


102 64 


736 CO 


36 


27 40 


55 95 


452 60 


59 


72 70 


105 £4 


751 50 


37 


i8 30 


57 £6 


462 50 


60 


76 40 


108 43 


766 50 


38 


29 £0 


59 18 


472 60 











Documents showing the benefits of Life Insurance with th- advantages of the Mutual plan, and the superior 
position and marked success of tins Company, anil explaining the different kinds of Policies with their methods 
Of payment, may beobtamed upon application, either personally or by mail, to 

JOHN HOPPER, Agent, 110 Broadway, N. Y. 



i 



THE 

EQUITABLE LIFE ASSURANCE SOCIETY. 

92 Broadway, !N~ew York. 



-©*>-<*•>. — •- 



DIRECTORS. 



WILLIAM C. ALEXANDER, President. 

HENRY B. HYDE, - Vice-President. 

WILLIAM WALKER, 78 East Twenty -first Street. 

HENRY YOUNG, - 28 East Seventeenth Street. 

IRAD HAWLEY, - 47 Fifth Avenue. 

JAMES LOW, - - ... • - . Low, Harrman & Co. 

JAMES M. BEEBE, J. M. Beebe & Co., Boston. 

HENRY A. HURLBUT. Swift, Hurlbut & Co. 

HENRY G-. MARQUAND, 43 Exchange Place. 

THOMAS A. BIDDLE, Thomas Biddle & Co. , Philadelphia. 

BENJ. E. BATES, Pres. Bank of Commerce, Boston. 

JOHN T. MOORE, C. W. and J. T. Moore & Co. 

HON. STEPHEN H. PHILLIPS, Attorney-General Massachussetts. 

HON. DUDLEY S. GREGORY, ..... Mayor of Jersey City. 

CHARLES J. MARTIN, President Home Insurance Co. 

THOS. U. SMITH, Henrys, Smith & Townsend. 

JOHN A. STEWART, Secretary United States Trust Co. 

SOLOMON R. SPAULDING, S. R. Spaulding & Son, Boston. 

HON. HENRY J. GARDNER, Read, Gardner k Co., Boston. 

WILLIAM G. LAMBERT, A. & A. Lawrence & Co. 

HENRY S. TERBELL, Terbell, Jennings & Co. 

WILMOT WILLIAMS, 98 Broadway. 

PETER McMARTIN, 168 Fifth Avenue. 

GEO. H. STUART, Stewart & Bro., Philadelphia. 

HENRY H. HYDE, 95 State St., Boston. 

JAMES LENOX KENNEDY. 39 East 23d Street. 

JOHN SLADE, - John Slade & Co. 

E. SPENCER MILLER, Philadelphia. 

JAMES M. HALSTED, .... ... President Am. Fire Ins. Co. 

JOHN AUCHINCLOSS, John & Hugh Aucbincloss. 

THOS S. YOUNG, T. S. Young & Co. 

HENRY M. ALEXANDER, Cummins, Alexander & Green. 

GEORGE T. ADEE, 4(1 Wall Street. 

MOSES A. HOPPOCK, Hoppock, Garbutt & Co. 

GEORGE D. MORGAN, E. D. Morgan & Co. 

WAYMAN CROW, Crow, McCreery & Crow, St. Louia. 

BENNINGTON F. RANDOLPH. Freehold, New Jersey. 

THOMAS A. CUMMINS, Cummins. Seaman & Co. 

WILLIAM T. BLODGETT, - William Tilden & Nephew. 

DWIGHT TOWNSEND, Havemeyer, Townsend & Co. 

ROBERT BLISS, Stone, Bowman & Bliss. 

GEORGE TALBOT OLYPHANT. - President Hudson Canal Co. 

HENRY DAY, ---...-. 45 and 47 Exchange Place. 

ALANSON TRASK, Late A. & A. G. Trask. 

H. V. BUTLER, - - H. V. Butler & Co. 

DANIEL D. LORD, 45 and 47 Exchange Place. 

EDWARD W. LAMBERT, M.D.. 330 Sixth Avenue. 

E. J. HAWLEY, Carter & Hawleys. 

ALEXANDER YOUNG, - Young, Bros. & Co., St. Louis. 

SAMUEL HOLMES, 4 Beekman Street. 

FRANCS B. COOLEY, - Cooley, Farwell & Co., Chicago. 

JOSE F. NAVARRO, Mora. Brothers & Co.. N. Y. 



WILLIAM C. ALEXANDER, President. 
HENRY B. HYDE, Vice-President. 

JOSEPH W. PAINE, Secretarv. I GEORGE W. PHILLIPS, Actuary. 

EDWARD W. LAMBERT, M.D., Pbvsician. HENRY DAY, Attorney. 

WILLARD PARKER, M.D., Consult. Phvs. DANIEL LORD, Counsel. 



Statement of The Equitable Life Assurance 
Society of the United States, No. 92 
Broadway, New York, April i, 1862. 



assets. 

Loaned on mortgage of Real Estate $39,000 00 

U. S. Stocks of 1874 91,562 25 

U. S. 7.30 Treasury Notes 35,°°° 00 

N. Y. City Stock 20,550 00 

U. S. Trust Co. — deposit 43 1 69 

U. S. Stocks (Texas Indemnity) 10,062 50 

United States— deposit t8 5 per cent 12,000 00 

Due on Acct. from Agents 1,049 45 

Perfonal Property 2,568 75 

Premiums in procefs of collection 7,600 00 

Cash on hand 9>7°7 ° 2 

Interest accrued, but not due 2,500 00 

Deferred Premium Acct 1 8,000 00 

Value of Re-Afsurance Policies 1,000 00 

$251,031 66 
Balance of Afsets, April 1, 1861, 179,760 44 

Increafe in one year $71,271 22 

There were ifsued, in the 

Year ending April 1, 1861, 782 policies, afsuring $2,002,500 
Quarter " " " 325 " " 725,100 

Amount AiTured by outstanding policies April 15, 

1862, about $4,500,000 

During the last eight months this Society has issued 924 policies, insuring 
$2,090,900, this being at the ratio of 1,386 policies, insuring $3,136,350 for the 
full year. 

No Company in the United States issued more than 1,221 policies, insuring 
$3,816,325, during the year 1861. The Society has now an annual Cash income 
of about $160,000. 

July 1, 1862. 



KEY. HENRY WARD BEECHER ON LIFE INSURANCE. 

(Independent, June 19th, 1862.) 

1. Has a man a right to make the continuance of his life the basis of bargains? Is 
it not turning a very solemn thing into a mei'e commercial transaction? 

Life assurance is nothing but a mode of laying up money for one's family or for de- 
pendents. Every prudent man that can do it provides, while he is strong, for the 
time when he shall be weak, and seeks, for the same reason, while he is with his 
family, to make provisions for their wants when he shall be removed. In one sense, 
every prudent man makes his own decease the basis of commercial action. He ought 
to do it. Every reason which makes it a man's duty to provide for his family while 
he is living, acts with yet greater force to secure for them a comfortable subsistence 
after he shall have been removed from them. 

2. But are we not forbidden " taking thought for the morrow ?" 

Not in the sense now attached to the words " talcing thought,'" The thing forbidden 
is undue anxiety about temporal matters. We are forbidden to fret and worry 
about our future support. One way to avoid that sin is to secure the future by a 
wise providing. Who is most likely to worry about the fate of his wife and children— 
a man with a thousand dollars laid up for them, or one who has not a cent to pay his 
own funeral expenses ? 

3. But has a man a right to take the future out of God's hands ? Ought we not to 
trust in Providence ? 

A man that does all that he knows how to do, and nobody else, has a right to trust 
in Providence. God gave us reason that it might be used. God is honored by those 
who use his gifts, and not by lazy or stupid folks, who think that doing nothing is 
trusting Providence ! 

" Trust in the Lord, and do good, so shalt thou dwell in the land, and verily thou 
shalt be fed.'' 

" We have no right to trust God for anything which he has enabled us to obtain by 
our own skill and industry. Providence will not pay a premium on indolence. 

4. Granting that there are no moral objections to life assurance, are there not 
better ways of laying up for one's family ? Is it not better to invest in real estate, or 
to put money in the bank or in stocks ? 

There is no doubt that in eithpr of these methods a family may be provided for. 
But it should be remembered that you take upon yourself all the risJcs in such a case. 
Your affairs may become involved, and your property be taken for debt. Your stocks 
and shares may fall in value. What are bank shares now worth in Charleston or 
Memphis? But a thousand dollars assured upon your life cannot be taken for debt ; 
cannot be alienated from your heirs ; and, if you have chosen your company discreetly, 
is subject to no commercial risks. It is as nearly sure as anything earthly can 
w<Ml be. 

5. But why is it not better to put my money in a savings-bank ? Then my family 
can obtain the deposits and interest without any material risk, and there will be no 
danger, as in life assurance, of forfeiting the whole by a neglect, or inability, to pay 
the annual premium. 

Life assurance is nothing but a savings-bank upon a different principle. A com- 
mon savings-bank will pay what you deposit with interest. 

6. There is an objection founded upon the risk of losing one's policy if one neglects 
the payment of the annual premium. This is so well put by a " Mechanic," that we 
give it in his words : 

To tue Editors of the Independent. 

I was interested in your commendation of life assurance, as I contemplate such a 
provision for the benefit of my family, and I have hesitated whether to place my 



annual umulate during my life, or T a life 

assurance company for a life at if I continue to pav 

the premium for i y untilold age, and then by misfortune become unable to 

pay the annual premium. I lose the poll 1 my family are left at my 

death without any benefit of my little ear: insurance: 

whereas if I leave my earn :• umulate in a savings-bank, and it bar 

throng - *hat I am not able in any year to mike a de> 

annua! premium which wonld be required to ' the life policy, I should 

not lose the deposits and accumulations in a savings institul 

This difir: ted in all good assurance companies, by an arrangement for 

commutation. If one can no longer pay his premium, he can sell his policy to the 
eocie* hich is determined, not by the caprice of dir 

upon a regular scale : or he can commute for a proportional part of his original 
policy, which shall be paid to his b *' further annual payments on his part. 

One what he has paid in. A large proportion returns to him. 

which is retained is equitably retained for expenses, and for the risk of his life, under 
which the society had la^n. 

7. It is to be remembered that many of our best insurant . 

who insure are stockholders : eceive upon their poli- 

d annual dividend of the profits. This may be applied either to the part 
ment of the annual premium, or to the increase of the whole sum assured, 
insurers have, in a course of fifteen y^ •! back in divic 

death, more than the whole sum paid from year to year. 

The last question asked is perhaps not les * than any of the prec t 

viz.: •' How shall we know what societies are sound and well managed?"' Jus 
you know what banks are good and what bad — by inquiring. \ or common 

yon find out a good doctor, a good law 1 school, a good 

hotel. Ask questions. Go to honest men who do know. 

We have insured our own life in the Equitable Life Assurance Company, and have 
een made better acquainted with its affairs than of others. We should select 
it again if we were to choose again. 



'ng.) 

The great Dr. Johnson was accustomed to say that "mankind did nc 
require instructing as they did ir 11 know and can 

true was this enunciation. Have airy of as ever failed in our duty to our Maker, 
onr neighbors or ourselves, for lack of knowing it 7 We have not ! Who 
norant of what is right ? No one. We have been imbued with the principles of 
good till the knowledge of it appears like intuition, and yet how often do we re- 
quire to be reminded of our duty ! We may ask one man after another— 
of them shall have wives and children— if his life be assured, he will 

he has not thought at ild become of his fanr 

death wer m. from them? he will 

-ned on a subject not familiar to him. If he be a good man. he will pro- 
bably speak of Providence, and his hopes of prolonged life. Fitting it ie 
he si. :ce aid* t\ 

3, and hopes avail little, although indulging in them ie 
are but as a rainbow, fleeting and unavailable. 

If : y do you not assure your life?" s^me will tell you it is as much 

as they can do to maintain their fam . nts of their • 

and children absorb all their limited means, and that .ire nothit 

make a future provision for them. Allow 



husband and father in health and strength to toil for them, if with the clear head 
and busy hand of the parent, their wants are but just supplied, what would be 
their condition if they were to lose him, and be left alone in the world ? The ques- 
tion is easily answered ; there would be an end to all independence — a broken 
home, descent into poverty, the cold kindness of relations, the reluctant charity 
of friends : the widow and the orphan undertaking any description of labor for 
the mere means of existence. But what else could be looked for? Can a man 
expect the world to do for his family what he has refused to do for it himself? 
Now, these bitter ills may be averted by a little self-denial, and a resolution to 
act. Insure your life in the Equitable Life Assurance Society, 92 Broadway, N. 
Y., and your family will be protected. 



OPINIONS OF THE PEESS. 

(From the Insurance Monitor and Wall-Street Review, New York, April, 1862.) 
Among the modern Life Insurance companies, first and foremost is the " Equita- 
ble." It has a good, just, and righteous name to begin with. Chartered in 1859, for 
an unlimited period, it has far outstripped all rivalry. Such prosperity has never 
been witnessed before in the case of any life insurance company anywhere. It is as 
remarkable as it is gratifying. Its affairs have been administered with great wisdom 
and ability. 



(From the New York. Tribune, April 1, 1862.) 
We are not surprised that the Equitable makes a good show. It has surpassed all 
companies of its age. The amount of its annual receipts is already $100,000, and the 
ratio of Its expenses to its income is smaller than that exhibited by any other of the 
new companies. 



(From the Journal of Commerce, New York, Avril 16, 1862.) 
The Equitable Life Assurance Society makes the most striking and successful show, 
having a capital of $100,000, assets $210,630.11, premium receipts $100,082,43, which 
for a new company, indicates a remarkably well-conducted business, and great hold 
on the public confidence. In all respects this company merits the confidence of the 
community. There are peculiar features in its organization which present rare in- 
ducements to insurers. 



(From the Commercial and Insurance Journal, Philadelphia, April 15, 1862.) 

Tt will be seen that the Equitable's growth is without any parallel in the history of 
American Life Insurance. 



(From the New York Observpr, April 23, 1862,) 
The excellence of this institution (Equitable) caunot be too warmly acknowledged. 
Its story is the story of noble success — of a wise and generous design, prudently and 
thoroughly accomplished. Tt was organized on a principle of novel and peculiar liber- 
ality. It proposed to give all profits to the insured, paying only legal interest on its 
capital : and it has accomplished its purpose, In a career of progress altogether un- 
precedented, it has distanced all competitors, and established itself on a foundation 
as of adamant. Its expenses have been less than those of any other new company in 
proportion to its income. 



I : 1' - .. - - 3 -. 

The Equitable has accumr.: j to the amount of $215,321.46, and its policies 

now outstanding insure the aggregate sum of over three millions of dollars. It is the 
only Stock Company in the tea that divides all its profits pro rata among 

ng only legal interest on its capital : and we are glad to record that 
it has received the public patronage so well deserved by a system so safe and equita- 
ble. II .re worthy of the position they occupy and the principles they rep- 
resent : and the success of the Company is, therefore, only the legitimate re- 
veil carried out. 



1 -am ffte Home Journal 1 

nail praise to say that the Eqnitable perfectly well represents and justifies 
a liberal, benevolent, wisely-devised, and pruden*" : sm of Life Insur- 

ance. It is the only Stock Company in this country that divides all its profits with 
the insured. Its directors are men not merely of wealth, but of high ai 
character. .have been, managed with honor, prudence, energy 

kill. No company has ever made such distinguished pror 



F - - - y y ■ r in* - 

rABUz Lars 

y liable Life Assurance Society of : U y ". 1 -"■ ^-— 

From the official returns furnished by the Superintendent of the Insurance Depart- 
ment at Albany, X. Y., and the report of the Insurance Commissioners of v 

ire are happy to observe that this Association, 
corporations organized in the Stat e New York for effecting insurance upon 
Lot only made rapid progress during the past year, but has actually sui - 
contemporaries in the race of competition for basin 



_ letter of E iss.) 

July - 1 - 
:I to the Equitable. H nee of your letter and the Com; 

publications full~ that it intends the Stockholders shall be limited per- 

petually to seven per cent, on their investment, and that whatever is 
le surplus shall go altogether to the policy ho 



f^" npanies distribute a laj d of their earnings among their 

it from the Policy- 

<THOLBPR( 

rata, among the Assured — legal interest only being paid upon its capital, which, 
bv investment, reproduces neai'l; amount. The Society thus off - 

the advantages of a F rcAL and of a Stock G 

all the Profit- ; . guarantee of a Perpetual Capital Stock ; and its 

| 

OUT. 



LIFE ASSURANCE— MODERN PROGRESS— THE NEW 
YORK EQUITABLE LIFE. 

{From the Wall Street Underwriter, April, 1862. ) 

Nothing is great or small except by comparison. When we undertake to esti- 
mate the progress of any individual or institution, we are compelled to measure 
the advancement or development by comparison with previous efforts in the 
same direction. Taking the element of time into consideration, we believe that 
we are perfectly safe in saying that no Life Insurance Association or Company 
has ever achieved so complete a success as the Equitable of New York, or rather 
giving the Company its full corporate title, The Equitable Life Assurance So- 
ciety of the United States. 

Although organized and located in New York, the Equitable laid its foundations 
for the whole " Union." In its influential list of fifty-two Directors, we find rep- 
resentatives from Boston, Philadelphia, New Jersey, Chicago, and St. Louis. Em- 
phatically, it is a whole Union Company, and its scheme fully adapted to meet the 
wants of the provident classes in all sections of the country. The Equitable was 
founded by a set of men who set the best example they could afford of entire un- 
selfishness ; they put up their cash capital of $100,000 as a guarantee fund to es- 
tablish the Company, without any view of profit or personal advantage, taking 
merely the legal interest to be earned by their capital, and leaving all surplus or 
profits to arise out of the receipts for assurance to the policy holders of the Com- 
pany, as a purely mutual benefit, to be distributed among them in proper season. 

Self-denial is the very Christian virtue on which Life Assurance is based and 
the Stockholders of the Equitable set out by doing their part well in that behalf. 

Pure and unadulterated Life Assurance is, in its very essence, wholly unsel- 
fish. The people who establish and practice it have reached a high point on the 
plane of Christian civilization. When a man resolves to assure his life for the pro- 
tection of his wife or children, his kindred or his friends who are dependent upon 
him, or to do some noble act of public benevolence at his death, he has triumphed 
over all merely selfish feelings and has devoted his life to the service of others. 

No doubt, in this instance, virtue gives its own speedy reward ; the cheering 
consciousness of a good act performed, and. the ready relief from all corroding 
anxiety about tbe future temporal welfare of those we love. In this sense. Life 
Assurance is the highest human exemplification of that divine love which lives 
on into eternity, shielding and comforting its object forever. 

Very bravely have the men to whom the working of the Equitable was commit- 
ted discharged their high and responsible trust. By unceasing perseverance, un- 
tiring zeal, comprehensive plan, and prompt action, they have placed their Soci- 
ety in the van of all modern companies. 

Organized in July, 1859, the Equitable now leads all the companies established 
in New York after those of 1850, at least in extent of business, and with one ex- 
ception of a Company established in 1853, also in point of assets and accumula- 
tion. 

The assets of the Equitable on the 1st of January, 1862, up to which date all 
the returns were made to the Superintendent in this State, amounted to $210,636 



11 : and the premium receipts for 1861, 8100,082 43 : total income, SI 03.429 91. 
The progress of the Equitable may be illustrated thus : 

Xo. of Amount 
Policies. Insured. Income. 
18.59. First five month's bixsiness, per Superintendent's Report, 

Vol. 1. I860 277 $1,175,500 $26.414 51 

1860. Second Year, per Report. Vol. 2, 1861 612 1,903,900 76.070 76 

1861. . Third Year, per Report, Vol. 3. 1862 678 1,822,230 103.429 91 

Total 1,567 $4,901,650 $205,945 19 

It thus appears that even the sad depression of general business last year has 
not retarded the progress of the Company. There was a gain in the number of 
policies last year, and the amount insured is very little short of the prosperous 
year, of 1860. The Equitable, it must be remembered, is a purely cash Company, 
and its success is, therefore, in these times, when credit is so much sought for 
even in life assurance, the more remarkable. "We notice, from Table IX., annex- 
ed to the Superintendent's Third Annual Report, just issued, that in the year end- 
ing December 31. 1861, the Equitable took over ten thousand dollars more in cash 
premiums than the three other companies which were established about the same 
date took, all combined. This we refer to not with the object of disparaging the 
efforts of other companies, all of whom are working well and with the same good 
purpose, but as showing conclusively that the Equitable is incontestably entitled 
to the first position among our modern offices. 

No claim for loss remained due against the Company at the close of 1861. The 
death-claims of the year were S 10.500. 

According to the valuation of the Massachusetts lnsnrance Commissioners, made 
up to 1st November, the "present value'* of the policies of the Equitable was 
S97.333 34 : and according to the estimate of two competent actuaries, the valu- 
ation for all the policies, at the close of the year, is under $100,000. 

In England there is an " Equitable Assurance Society,'" which was instituted 
in 1762 — exactly one hundred years ago — and it is a noble example and a good 
prototype for our American Equitable to emulate : and let us hope the name will 
prove a good coincidence. The English Equitable has now a capital, accumula- 
ted out of Life Assurance, amounting to over Thirtt-Two Millions of Dollars. 
and its income over Two Million Dollars a year. The last circular of this great 
centennarian life company states that " the sum paid by way of bonus, or for addi- 
tions to claims on death and for additions redeemed, in the ten years ending 
December 31, 1859, exceeds three millions and a half" (sterling), say seventeen 
and a half million dollars. 

Let us hope that when we who write these remarks and all who read them in 
our age shall, in the course of nature, have passed away, and the year of our 
Lord 1962 shall find a great Republic with several hundred millions of free, intel- 
ligent citizens in this noble New World, with ail science extended and every art 
developed beyond the scope of our most fervent imaginations, our American 
Equitable Life Assurance Society may far exceed its English namesake in wealth 
and usefulness, and be managed by men as earnestly devoted to its success, and 
as jealous of its honor and renown, as the men of our time who founded it and 
nursed it into strength and power. 

j&&* Persons desiring" to investigate the subject of Life Insurance, 

either for the purpose of insuring- their own lives, or to act as Life 
Insurance agents, are invited to send for the documents of this So- 
ciety, which will be furnished gratis. 



THE EQUITABLE 

LIFE ASSURANCE SOCIETY, 

92 BROADWAY, NEW YORK. 



:0:- 



The success of this Society has not been 
equalled by that of any company ever organ- 
ized, either in Europe or America. 



:o:- 



DIKECTORS 



WILLIAM C. ALEXANDER, 
HENRY B. HYDE, 
WILLIAM WALKER, 
HENRY YOUNG, 
IRAD HAWLEY, 
JAMES LOW, 
JAMES M. BEEBE, 
HENRY A. HURLBUT, 
HENRY G. MARQUAND, 
THOMAS A. BIDDLE, 
BENJ. E. BATES, 
JOHN T MOORE, 
STEPHEN H. PHILLIPS, 
DUDLEY S. GREGORY, 
CHARLES J. MARTIN, 
THOS. U. SMITH, 
JOHN A. STUART, 
SOLOMON R. SPAULDING, 
HENRY J. GARDNER, 
WM. G. LAMBERT, 
HENRY S. TERBELL, 
WILMOT WILLIAMS, 
PETER McMARTIN, 
GEO. H. STUART, 
HENRY H. HYDE, 
JAMES LENOX KENNEDY, 



JOHN SLADE, 
E. SPENCER MILLER, 
JAMES M. HALSTED, 
JOHN AUCHINCLOSS, 
THOS. S. YOUNG, 
HENRY M. ALEXANDER, 
GEO. T. ADEE, 
MOSES A. HOPPOCK, 
GEORGE D. MORGAN, 
WAYMAN CROW, 
BENNINGTON F. RANDOLPH. 
THOMAS A. CUMMINS, 
WILLIAM T. BLODGETT, 
DWIGHT TOWNSEND, 
ROBERT BLISS, 
GEO. TALBOT OLYPHANT, 
HENRY DAY, 
ALANSON TRASK, 
H. V. BUTLER, 
DANIEL D. LORD, 
EDWARD W. LAMBERT, M. D. 
E. J. HAWLEY, 
ALEXANDER YOUNG, 
SAMUEL HOLMES, 
FRANCIS B. COOLEY, 
JOSE F. NAVARRO.- 
:o: 



OFFICERS. 

WILLIAM C. ALEXANDER, P sidnt. 
HENRY B. HYDE, Vice-President. 

JOSEPH W. PAINE, Secretary. GEORGE W. PHILLIPS, Actuary. 

EDWARD W.LAMBERT, M.D. Physician. HENRY DAY, Attorney. 
WILLARD PARKER, M.D. Consult. Phys. DANIEL LORD, Counsel. 



4©~SEE CIRCULAR PREFIXED.-©* 



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